XML 84 R39.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Notes Payable and Unsecured Credit Facilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Debt | The Company’s outstanding debt consists of the following:
|  | Maturing Through |  | Weighted Average Contractual Rate |  |  | Weighted Average Effective Rate |  |  | December 31, |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  | 2019 |  |  | 2018 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 10/1/2036 |  | 4.4% |  |  | 4.0% |  |  | $ | 342,020 |  |  | $ | 403,306 |
Variable rate mortgage loans (1) |  | 6/2/2027 |  | 3.2% |  |  | 3.3% |  |  |  | 148,389 |  |  |  | 127,850 |
Fixed rate unsecured public and private debt |  | 3/15/2049 |  | 3.9% |  |  | 4.1% |  |  |  | 2,944,752 |  |  |  | 2,475,322 |
Total notes payable |  |  |  |  |  |  |  |  |  |  |  | $ | 3,435,161 |  |  |  | 3,006,478 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit (2) |  | 3/23/2022 |  | 2.7% |  |  | 2.9% |  |  | $ | 220,000 |  |  | $ | 145,000 |
Term Loans |  | 1/5/2022 |  | 2.0% |  |  | 2.1% |  |  |  | 264,383 |  |  |  | 563,734 |
Total unsecured credit facilities |  |  |  |  |  |  |  |  |  |  |  | $ | 484,383 |  |  |  | 708,734 |
Total debt outstanding |  |  |  |  |  |  |  |  |  |  |  | $ | 3,919,544 |  |  |  | 3,715,212 |
(1) | Includes six mortgages, whose interest varies on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to fix the interest rates at a range of 2.5% to 4.1%. The weighted average contractual and effective rates above are based on the rates with the interest rate swaps.
(2) | Maturity is subject to two six month extensions at the Company's option. The weighted average contractual and effective interest rates for the Line are calculated based on a fully drawn Line balance.
Schedule of maturities of long-term debt | Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:
(in thousands) |  | December 31, 2019 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2020 |  | $ | 11,285 |  |  |  | 39,074 |  |  |  | — |  |  |  | 50,359 |
2021 |  |  | 11,598 |  |  |  | 74,101 |  |  |  | — |  |  |  | 85,699 |
2022 |  |  | 11,797 |  |  |  | 5,848 |  |  |  | 785,000 |  |  |  | 802,645 |
2023 |  |  | 10,124 |  |  |  | 59,374 |  |  |  | — |  |  |  | 69,498 |
2024 |  |  | 5,301 |  |  |  | 90,742 |  |  |  | 250,000 |  |  |  | 346,043 |
Beyond 5 Years |  |  | 21,712 |  |  |  | 145,303 |  |  |  | 2,425,000 |  |  |  | 2,592,015 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | 4,150 |  |  |  | (30,865 | ) |  |  | (26,715 | )
Total notes payable |  | $ | 71,817 |  |  |  | 418,592 |  |  |  | 3,429,135 |  |  |  | 3,919,544 |
| (1) | Includes unsecured public and private debt and unsecured credit facilities.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration