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v3.21.2

Notes Payable and Unsecured Credit Facilities | 9 Months Ended
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Sep. 30, 2021
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, 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.
Significant financing activity during 2021 includes:  During January 2021, the Company repaid in full the $265 million Term Loan and cash settled its related interest rate swap for $2.5 million.  On February 9, 2021, the Company entered into an Amended and Restated Credit Agreement, which among other items, i) maintains its previous level of borrowing capacity of $1.25 billion, ii) includes a $125 million sublimit for swingline loans and $50 million available for issuance of letters of credits, iii) extends the maturity date to March 23, 2025 and iv) provides for two six-month extension options. The existing financial covenants under the Line remained unchanged. As of September 30, 2021, the Company’s borrowing capacity under the Line was $1.2 billion.  On August 1, 2021, the Company assumed $111.2 million, including debt premiums, of 3.81% interest-only fixed rate mortgage loans that mature in 2027 in connection with the Company's acquisition of its partner's 80% interest in the seven properties held in the USAA partnership, of which the Company previously owned a 20% equity interest. See note 2. 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.
The Company was in compliance as of September 30, 2021, 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.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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