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Notes Payable and Unsecured Credit Facilities | 3 Months Ended
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Mar. 31, 2020
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 |  |  | March 31, 2020 |  |  | December 31, 2019 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 4.4% |  |  | 3.9% |  |  | $ | 351,914 |  |  |  | 342,020 |
Variable rate mortgage loans (1) |  | 3.1% |  |  | 3.2% |  |  |  | 148,057 |  |  |  | 148,389 |
Fixed rate unsecured debt |  | 3.9% |  |  | 4.0% |  |  |  | 2,945,429 |  |  |  | 2,944,752 |
Total notes payable |  |  |  |  |  |  |  |  |  |  | 3,445,400 |  |  |  | 3,435,161 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit (the "Line") (2) |  | 2.5% |  |  | 2.7% |  |  |  | 705,000 |  |  |  | 220,000 |
Term loans |  | 2.0% |  |  | 2.1% |  |  |  | 264,457 |  |  |  | 264,383 |
Total unsecured credit facilities |  |  |  |  |  |  |  |  |  |  | 969,457 |  |  |  | 484,383 |
Total debt outstanding |  |  |  |  |  |  |  |  |  | $ | 4,414,857 |  |  |  | 3,919,544 |
| (1) | Includes six mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to fix the interest rates. The effective fixed rates of the loans range from 2.5% to 4.1%. |
| (2) | Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance. |
Significan t financing activity during 2020 includes:
| • | During March, the Company borrowed an additional $500 million on its Line to enhance its financial liquidity and to provide financial flexibility to continue its business initiatives amid the evolving effects of the COVID-19 pandemic. The Line provides the Company with total borrowing capacity of $1.25 billion and a maturity date subject to two additional six-month extensions at the Company’s election.
Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:
(in thousands) |  | March 31, 2020 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2020 (2) |  | $ | 8,671 |  |  |  | 35,250 |  |  |  | — |  |  |  | 43,921 |
2021 |  |  | 11,598 |  |  |  | 74,101 |  |  |  | — |  |  |  | 85,699 |
2022 |  |  | 11,797 |  |  |  | 5,848 |  |  |  | 1,270,000 |  |  |  | 1,287,645 |
2023 |  |  | 10,124 |  |  |  | 59,374 |  |  |  | — |  |  |  | 69,498 |
2024 |  |  | 5,301 |  |  |  | 90,742 |  |  |  | 250,000 |  |  |  | 346,043 |
Beyond 5 Years |  |  | 21,712 |  |  |  | 161,303 |  |  |  | 2,425,000 |  |  |  | 2,608,015 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | 4,150 |  |  |  | (30,114 | ) |  |  | (25,964 | )
Total |  | $ | 69,203 |  |  |  | 430,768 |  |  |  | 3,914,886 |  |  |  | 4,414,857 |
| (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 March 31, 2020 with the financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities, and expects to remain in compliance.

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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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