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Notes Payable and Unsecured Credit Facilities | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Notes Payable and Unsecured Credit Facilities | Notes Payable and Unsecured Credit Facilities The Company’s outstanding debt consisted of the following:
(in thousands) | Weighted Average Contractual Rate | Weighted Average Effective Rate | September 30, 2018 |  | December 31, 2017
Notes payable: |  |  |  |  |
Fixed rate mortgage loans | 4.8% | 4.3% | $ | 406,072 |  |  | 520,193 |
Variable rate mortgage loans | 3.3% | 3.6% | 127,796 |  | (1) | 125,866 |
Fixed rate unsecured public and private debt | 4.0% | 4.4% | 2,474,724 |  |  | 2,325,656 |
Total notes payable |  |  | 3,008,592 |  |  | 2,971,715 |
Unsecured credit facilities: |  |  |  |  |
Line of Credit (the "Line") (2) | 2.9% | 3.1% | 145,000 |  |  | 60,000 |
Term loans | 2.4% | 2.5% | 563,616 |  |  | 563,262 |
Total unsecured credit facilities |  |  | 708,616 |  |  | 623,262 |
Total debt outstanding |  |  | $ | 3,717,208 |  |  | 3,594,977 |
(1) Includes five mortgages whose interest rates vary on LIBOR based formulas. Three of these variable rate loans have interest rate swaps in place to fix the interest rates at a range of 2.8% to 4.1%.
(2) Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance.
Significant financing activity during 2018 includes:
• | On March 9, 2018, the Company received proceeds from issuing $300.0 million of 4.125% senior unsecured public notes, which priced at 99.837% and mature in March 2028. $60.0 million of the proceeds were used to repay our Line and $163.2 million was used to early redeem, on April 2, 2018, the $150.0 million 6% senior unsecured public notes originally due June 2020, including accrued and unpaid interest through the redemption date and a make-whole amount. The remainder of the proceeds were used to repay 2018 mortgage maturities and for general corporate purposes.
• | On March 26, 2018, the Company amended and restated its unsecured revolving credit facility (the “Line”). The amendment and restatement increases the size of the Line to $1.25 billion from $1.0 billion and extends the maturity date to March 23, 2022, with options to extend the maturity for two additional six-month periods. Borrowings will bear interest at an annual rate of LIBOR plus 87.5 basis points, subject to the Company’s credit ratings, compared to a rate of 92.5 basis points under its previous facility. An annual facility fee of 15 basis points, subject to the Company’s credit ratings, applies to the Line.
As of September 30, 2018, scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:
(in thousands) | September 30, 2018
Scheduled Principal Payments and Maturities by Year: | Scheduled Principal Payments |  | Mortgage Loan Maturities |  | Unsecured Maturities (1) |  | Total
2018 | $ | 2,196 |  |  | — |  |  | — |  |  | 2,196 |
2019 | 9,519 |  |  | 13,216 |  |  | — |  |  | 22,735 |
2020 | 11,287 |  |  | 78,580 |  |  | 300,000 |  |  | 389,867 |
2021 | 11,600 |  |  | 77,060 |  |  | 250,000 |  |  | 338,660 |
2022 | 11,799 |  |  | 5,848 |  |  | 710,000 |  |  | 727,647 |
Beyond 5 Years | 37,056 |  |  | 269,217 |  |  | 1,950,000 |  |  | 2,256,273 |
Unamortized debt premium/(discount) and issuance costs | — |  |  | 6,490 |  |  | (26,660 | ) |  | (20,170 | )
Total | $ | 83,457 |  |  | 450,411 |  |  | 3,183,340 |  |  | 3,717,208 |
(1) Includes unsecured public and private debt and unsecured credit facilities.
The Company has $13.2 million of mortgage loans maturing through 2019, which it currently intends to repay if wholly owned, or refinance if held within a consolidated real estate investment partnership. The Company has sufficient capacity on its Line to repay this maturing debt, all of which is in the form of non-recourse mortgage loans. The Company was in compliance as of September 30, 2018 with the financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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