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Borrowings (Tables)

12 Months Ended

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.

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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

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