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Notes Payable and Unsecured Credit Facilities | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Notes Payable and Unsecured Credit Facilities |
5. | 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 |  |  | June 30, 2019 |  |  | December 31, 2018 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 4.5% |  |  | 4.0% |  |  | $ | 344,963 |  |  |  | 403,306 |
Variable rate mortgage loans (1) |  | 3.5% |  |  | 3.6% |  |  |  | 127,018 |  |  |  | 127,850 |
Fixed rate unsecured public and private debt |  | 4.0% |  |  | 4.4% |  |  |  | 2,522,514 |  |  |  | 2,475,322 |
Total notes payable |  |  |  |  |  |  |  |  |  |  | 2,994,495 |  |  |  | 3,006,478 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit (the "Line") (2) |  | 3.4% |  |  | 3.6% |  |  |  | 120,000 |  |  |  | 145,000 |
Term loans |  | 2.4% |  |  | 2.5% |  |  |  | 563,970 |  |  |  | 563,734 |
Total unsecured credit facilities |  |  |  |  |  |  |  |  |  |  | 683,970 |  |  |  | 708,734 |
Total debt outstanding |  |  |  |  |  |  |  |  |  | $ | 3,678,465 |  |  |  | 3,715,212 |
(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 2019 includes:
| • | On March 6, 2019, the Company issued $300 million of 4.65% senior unsecured public notes, which priced at 99.661%, and mature in March 2049. The net proceeds of the offering were used to repay in full its outstanding $250 million 4.8% notes due April 15, 2021, including a make-whole premium of approximately $9.6 million and accrued interest, with the remaining proceeds used toward repaying in full two mortgages totaling $52.7 million with interest rates ranging between 6.25% and 7.25%, including a prepayment premium of $1 million.
As of June 30, 2019, scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:
(in thousands) |  | June 30, 2019 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2019 (2) |  | $ | 4,924 |  |  |  | — |  |  |  | — |  |  |  | 4,924 |
2020 |  |  | 11,287 |  |  |  | 39,074 |  |  |  | 300,000 |  |  |  | 350,361 |
2021 |  |  | 11,599 |  |  |  | 76,251 |  |  |  | — |  |  |  | 87,850 |
2022 |  |  | 11,798 |  |  |  | 5,848 |  |  |  | 685,000 |  |  |  | 702,646 |
2023 |  |  | 10,077 |  |  |  | 59,375 |  |  |  | — |  |  |  | 69,452 |
Beyond 5 Years |  |  | 27,013 |  |  |  | 209,846 |  |  |  | 2,250,000 |  |  |  | 2,486,859 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | 4,890 |  |  |  | (28,517 | ) |  |  | (23,627 | )
Total |  | $ | 76,698 |  |  |  | 395,284 |  |  |  | 3,206,483 |  |  |  | 3,678,465 |
(1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments for the remainder of the year. The Company was in compliance as of June 30, 2019 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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