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Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of Senior Notes Issuances

The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the three months ended March 31, 2021 (dollars in thousands):

Payoff Date(1)						Amount						Coupon Rate						Maturity Year
January 28, 2021						$	112,000					4.25		%				2023
January 28, 2021						$	201,000					4.20		%				2024
January 28, 2021						$	469,000					3.88		%				2024
February 26, 2021						$	188,000					4.25		%				2023
February 26, 2021						$	149,000					4.20		%				2024
February 26, 2021						$	331,000					3.88		%				2024

_______________________________________

(1)Upon completing the repurchases and redemptions of all outstanding 4.25%, 4.20%, and 3.88% senior unsecured notes due in 2023 and 2024, the Company recognized a $164 million loss on debt extinguishment.

The following table summarizes the Company’s senior unsecured notes issuances during the year ended December 31, 2020 (dollars in thousands):

Issue Date						Amount						Coupon Rate						Maturity Year
Year ended December 31, 2020:
June 23, 2020						$	600,000					2.88		%				2031

The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the year ended December 31, 2020 (dollars in thousands):

Payoff Date						Amount						Coupon Rate						Maturity Year
Year ended December 31, 2020:
July 9, 2020(1)						$	300,000					3.15		%				2022
June 24, 2020(2)						$	250,000					4.25		%				2023

_______________________________________

(1)Upon completing the redemption of all outstanding 3.15% senior unsecured notes due in 2022, the Company recognized an $18 million loss on debt extinguishment.

(2)Upon repurchasing a portion of the 4.25% senior unsecured notes due in 2023, the Company recognized a $26 million loss on debt extinguishment.

Summary of Debt Maturities and Schedule Principal Repayments

The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2021 (in thousands):

																								Senior Unsecured Notes(2)												Mortgage Debt(3)
Year						Bank Line of Credit						Commercial Paper(1)						Term Loan						Amount						Interest Rate						Amount						Interest Rate						Total
2021 (nine months)						$	—					$	—					$	—					$	—					—		%				$	11,572					4.86		%				$	11,572
2022						—						—						—						—						—		%				4,843						3.80		%				4,843
2023						110,000						928,150						—						—						—		%				89,874						3.80		%				1,128,024
2024						—						—						250,000						—						—		%				3,050						3.80		%				253,050
2025						—						—						—						1,350,000						3.93		%				3,209						3.80		%				1,353,209
Thereafter						—						—						—						2,950,000						3.68		%				102,789						3.54		%				3,052,789
						110,000						928,150						250,000						4,300,000												215,337												5,803,487
(Discounts), premium and debt costs, net						—						—						(757)						(44,303)												4,622												(40,438)
						110,000						928,150						249,243						4,255,697												219,959												5,763,049
Debt on assets held for sale and discontinued operations(4)						—						—						—						—												278,172												278,172
						$	110,000					$	928,150					$	249,243					$	4,255,697											$	498,131											$	6,041,221

_______________________________________

(1)Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, we calculate the weighted average remaining term of our Commercial Paper Program borrowings using the maturity date of our Revolving Facility.

(2)Effective interest rates on the senior notes range from 3.10% to 6.91% with a weighted average effective interest rate of 3.77% and a weighted average maturity of 8 years.

(3)Excluding mortgage debt on assets classified as held for sale and discontinued operations, effective interest rates on the mortgage debt range from 3.42% to 5.91% with a weighted average effective interest rate of 3.73% and a weighted average maturity of 4 years.

(4)Represents mortgage debt on assets held for sale and discontinued operations with interest rates ranging from 3.45% to 5.88% that mature between 2025 and 2044.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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