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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.

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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.

+ References

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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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