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Notes Payable and Unsecured Credit Facilities (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs | 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 |  |  | March 31, 2021 |  |  | December 31, 2020 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 4.2% |  |  | 4.0% |  |  | $ | 265,835 |  |  |  | 272,750 |
Variable rate mortgage loans (1) |  | 2.8% |  |  | 2.9% |  |  |  | 145,702 |  |  |  | 146,046 |
Fixed rate unsecured debt |  | 3.8% |  |  | 4.0% |  |  |  | 3,240,705 |  |  |  | 3,239,609 |
Total notes payable |  |  |  |  |  |  |  |  |  |  | 3,652,242 |  |  |  | 3,658,405 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit (the "Line") (2) |  | 1.0% |  |  | 1.4% |  |  |  | — |  |  |  | — |
Term loan (3) |  | 2.0% |  |  | 2.1% |  |  |  | — |  |  |  | 264,679 |
Total unsecured credit facilities |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 264,679 |
Total debt outstanding |  |  |  |  |  |  |  |  |  | $ | 3,652,242 |  |  |  | 3,923,084 |
| (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. |
| (3) | Weighted average contractual and effective rates for the Term Loan are as of December 31, 2020, as the entire balance was repaid during January 2021. |
Schedule of maturities of long-term debt | Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:
(in thousands) |  | March 31, 2021 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2021 (2) |  | $ | 8,504 |  |  |  | 36,604 |  |  |  | — |  |  |  | 45,108 |
2022 |  |  | 11,389 |  |  |  | 5,848 |  |  |  | — |  |  |  | 17,237 |
2023 |  |  | 9,695 |  |  |  | 65,725 |  |  |  | — |  |  |  | 75,420 |
2024 |  |  | 4,849 |  |  |  | 90,742 |  |  |  | 250,000 |  |  |  | 345,591 |
2025 |  |  | 3,732 |  |  |  | 40,000 |  |  |  | 250,000 |  |  |  | 293,732 |
Beyond 5 Years |  |  | 10,583 |  |  |  | 120,969 |  |  |  | 2,775,000 |  |  |  | 2,906,552 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | 2,897 |  |  |  | (34,295 | ) |  |  | (31,398 | )
Total |  | $ | 48,752 |  |  |  | 362,785 |  |  |  | 3,240,705 |  |  |  | 3,652,242 |
| (1) | Includes unsecured public and private debt and unsecured credit facilities. |
| (2) | Reflects scheduled principal payments for the remainder of the year. |

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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 No definition available. + Details
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