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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Summary of Outstanding Debt | The following table summarizes the Company's outstanding debt as of December 31, 2019 and 2018 (dollars in thousands):
|  | Balance |  |  | As of December 31, 2019 |
|  | December 31, 2019 |  |  | December 31, 2018 |  |  | Weighted Average Effective Rate |  |  | Weighted Average Contract Maturity |
Unsecured debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable rate revolving credit facility |  | $ | — |  |  | $ | 540,000 |  |  |  | — | % |  |  | — |
Variable rate commercial paper program |  |  | 70,000 |  |  |  | — |  |  |  | 2.1 | % |  | 1/8/2020 |
Fixed rate senior notes |  |  | 3,472,000 |  |  |  | 2,642,000 |  |  |  | 3.9 | % |  | 7/19/2026 |
Term loans fixed with swaps |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 2.3 | % |  | 3/1/2022 |
Variable rate term loans |  |  | — |  |  |  | 600,000 |  |  |  | — | % |  |  | — |
Debt issuance costs, discounts, premiums and fair market value adjustments |  |  | (13,799 | ) |  |  | (28,698 | ) |  |  |  |  |  |  |  |
Total unsecured debt |  | $ | 3,828,201 |  |  | $ | 4,053,302 |  |  |  | 3.7 | % |  |  |  |
Fixed rate secured debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individual property mortgages |  | $ | 629,817 |  |  | $ | 476,161 |  |  |  | 4.5 | % |  | 4/2/2037 |
Debt issuance costs and fair market value adjustments |  |  | (3,420 | ) |  |  | (1,135 | ) |  |  |  |  |  |  |  |
Total secured debt |  | $ | 626,397 |  |  | $ | 475,026 |  |  |  | 4.5 | % |  |  |  |
Total outstanding debt |  | $ | 4,454,598 |  |  | $ | 4,528,328 |  |  |  | 3.8 | % |  |  |  |
Scheduled Principal Repayments on Borrowings | The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2019, as well as the amortization of the fair market value of debt assumed, debt discounts, premiums and issuance costs (in thousands):
Year |  | Maturities |  |  | Amortization |  |  | Total |
2020 |  | $ | 211,108 |  |  | $ | (3,323 | ) |  | $ | 207,785 |
2021 |  |  | 192,903 |  |  |  | (3,393 | ) |  |  | 189,510 |
2022 |  |  | 668,401 |  |  |  | (3,098 | ) |  |  | 665,303 |
2023 |  |  | 363,731 |  |  |  | (2,487 | ) |  |  | 361,244 |
2024 |  |  | 421,566 |  |  |  | (1,509 | ) |  |  | 420,057 |
Thereafter |  |  | 2,614,108 |  |  |  | (3,409 | ) |  |  | 2,610,699 |
|  | $ | 4,471,817 |  |  | $ | (17,219 | ) |  | $ | 4,454,598 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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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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