XML 58 R38.htm IDEA: XBRL DOCUMENT
v3.20.4

Notes Payable and Unsecured Credit Facilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
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) |  |  |  |  |  |  |  |  |  |  |  | 2020 |  |  | 2019 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 10/1/2036 |  | 4.3% |  |  | 4.0% |  |  | $ | 272,749 |  |  | $ | 342,020 |
Variable rate mortgage loans (1) |  | 6/2/2027 |  | 2.8% |  |  | 2.9% |  |  |  | 146,046 |  |  |  | 148,389 |
Fixed rate unsecured public and private debt |  | 3/15/2049 |  | 3.8% |  |  | 4.0% |  |  |  | 3,239,609 |  |  |  | 2,944,752 |
Total notes payable |  |  |  |  |  |  |  |  |  |  |  | $ | 3,658,404 |  |  |  | 3,435,161 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit (2) |  | 3/23/2022 |  | 1.0% |  |  | 1.4% |  |  | $ | — |  |  | $ | 220,000 |
Term Loan (3) |  | 1/5/2022 |  | 2.0% |  |  | 2.1% |  |  |  | 264,680 |  |  |  | 264,383 |
Total unsecured credit facilities |  |  |  |  |  |  |  |  |  |  |  | $ | 264,680 |  |  |  | 484,383 |
Total debt outstanding |  |  |  |  |  |  |  |  |  |  |  | $ | 3,923,084 |  |  |  | 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. During February 2021, the Company amended its Line agreement to extend the maturity to March 23, 2025 retaining the same overall borrowing capacity of $1.25 billion and credit-based interest rate spread over LIBOR currently equal to 0.875%.
(3) | In January 2021, the Company repaid in full the $265 million Term Loan, using cash on hand.
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, 2020 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2021 |  | $ | 11,598 |  |  | $ | 31,562 |  |  | $ | — |  |  |  | 43,160 |
2022 |  |  | 11,797 |  |  |  | 5,848 |  |  |  | 265,000 |  | (2) |  | 282,645 |
2023 |  |  | 10,124 |  |  |  | 65,724 |  |  |  | — |  |  |  | 75,848 |
2024 |  |  | 5,301 |  |  |  | 90,744 |  |  |  | 250,000 |  |  |  | 346,045 |
2025 |  |  | 4,207 |  |  |  | 40,000 |  |  |  | 250,000 |  |  |  | 294,207 |
Beyond 5 Years |  |  | 17,505 |  |  |  | 121,303 |  |  |  | 2,775,000 |  |  |  | 2,913,808 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | 3,082 |  |  |  | (35,711 | ) |  |  | (32,629 | )
Total notes payable |  | $ | 60,532 |  |  |  | 358,263 |  |  |  | 3,504,289 |  |  |  | 3,923,084 |
| (1) | Includes unsecured public and private debt and unsecured credit facilities.
| (2) | In January 2021, the Company repaid in full the $265 million Term Loan.

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 maturity and sinking fund requirement for long-term debt. + 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