XML 31 R15.htm IDEA: XBRL DOCUMENT
v3.20.2

Notes Payable and Unsecured Credit Facilities | 9 Months Ended
--- | ---
Sep. 30, 2020
Debt Disclosure [Abstract] |
Notes Payable and Unsecured Credit Facilities |
5. | Notes Payable and Unsecured Credit Facilities
The Company’s outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following:
(in thousands) |  | Weighted Average Contractual Rate |  |  | Weighted Average Effective Rate |  |  | September 30, 2020 |  |  | December 31, 2019 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 4.4% |  |  | 3.9% |  |  | $ | 338,024 |  |  |  | 342,020 |
Variable rate mortgage loans (1) |  | 2.8% |  |  | 2.9% |  |  |  | 147,385 |  |  |  | 148,389 |
Fixed rate unsecured debt |  | 3.8% |  |  | 4.0% |  |  |  | 3,238,514 |  |  |  | 2,944,752 |
Total notes payable |  |  |  |  |  |  |  |  |  |  | 3,723,923 |  |  |  | 3,435,161 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit (the "Line") (2) |  | 1.0% |  |  | 1.4% |  |  |  | — |  |  |  | 220,000 |
Term loans |  | 2.0% |  |  | 2.1% |  |  |  | 264,605 |  |  |  | 264,383 |
Total unsecured credit facilities |  |  |  |  |  |  |  |  |  |  | 264,605 |  |  |  | 484,383 |
Total debt outstanding |  |  |  |  |  |  |  |  |  | $ | 3,988,528 |  |  |  | 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 rate for the Line is calculated based on a fully drawn Line balance. |
Significant financing activity during 2020 includes:
| • | On May 11, 2020, the Company issued $600 million of 3.70% senior unsecured public notes, which priced at 99.805%, and mature on June 15, 2030. Portions of the net proceeds were used to repay the outstanding balance on the Line and to redeem, on September 2, 2020, the entire $300 million outstanding of 3.75% Notes due 2022. The Company paid $325.1 million to redeem the notes, including $25.1 million for accrued interest and a make-whole premium. The remainder of the proceeds are held in cash and are expected to be used for general working capital purposes, potentially including repayment of indebtedness.
As of September 30, 2020, the Company has access to a remaining borrowing capacity on the Line of $1.2 billion, which matures in March 2022 and is 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) |  | September 30, 2020 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2020 (2) |  | $ | 3,065 |  |  |  | 27,000 |  |  |  | — |  |  |  | 30,065 |
2021 |  |  | 11,598 |  |  |  | 74,101 |  |  |  | — |  |  |  | 85,699 |
2022 |  |  | 11,797 |  |  |  | 5,848 |  |  |  | 265,000 |  |  |  | 282,645 |
2023 |  |  | 10,124 |  |  |  | 59,374 |  |  |  | — |  |  |  | 69,498 |
2024 |  |  | 5,301 |  |  |  | 90,744 |  |  |  | 250,000 |  |  |  | 346,045 |
Beyond 5 Years |  |  | 21,712 |  |  |  | 161,303 |  |  |  | 3,025,000 |  |  |  | 3,208,015 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | 3,442 |  |  |  | (36,881 | ) |  |  | (33,439 | )
Total |  | $ | 63,597 |  |  |  | 421,812 |  |  |  | 3,503,119 |  |  |  | 3,988,528 |
| (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 September 30, 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 for the next twelve months and thereafter.

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