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Notes Payable and Unsecured Credit Facilities (Tables) | 9 Months Ended
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Sep. 30, 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 |  | September 30, 2021 |  |  | December 31, 2020 |
Notes payable: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 4.0% |  | 3.9% |  | $ | 362,237 |  |  |  | 272,750 |
Variable rate mortgage loans (1) |  | 2.8% |  | 2.9% |  |  | 144,140 |  |  |  | 146,046 |
Fixed rate unsecured debt |  | 3.8% |  | 4.0% |  |  | 3,242,896 |  |  |  | 3,239,609 |
Total notes payable |  |  |  |  |  |  | 3,749,273 |  |  |  | 3,658,405 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |
Line of Credit (the "Line") (2) |  | 0.9% |  | 1.3% |  |  | — |  |  |  | — |
Term loan (3) |  | 2.0% |  | 2.1% |  |  | — |  |  |  | 264,679 |
Total debt outstanding |  |  |  |  |  | $ | 3,749,273 |  |  |  | 3,923,084 |
(1) | Four of these variable rate loans have interest rate swaps in place to mitigate the interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the four 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) |  | September 30, 2021 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2021 (2) |  | $ | 2,808 |  |  |  | 27,750 |  |  |  | — |  |  |  | 30,558 |
2022 |  |  | 11,389 |  |  |  | 5,848 |  |  |  | — |  |  |  | 17,237 |
2023 |  |  | 9,695 |  |  |  | 64,876 |  |  |  | — |  |  |  | 74,571 |
2024 |  |  | 4,849 |  |  |  | 90,742 |  |  |  | 250,000 |  |  |  | 345,591 |
2025 |  |  | 3,732 |  |  |  | 40,000 |  |  |  | 250,000 |  |  |  | 293,732 |
Beyond 5 Years |  |  | 10,583 |  |  |  | 226,234 |  |  |  | 2,775,000 |  |  |  | 3,011,817 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | 7,871 |  |  |  | (32,104 | ) |  |  | (24,233 | )
Total |  | $ | 43,056 |  |  |  | 463,321 |  |  |  | 3,242,896 |  |  |  | 3,749,273 |
(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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