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Notes Payable and Unsecured Credit Facilities (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Debt | The Company’s outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following:
|  | Maturing Through |  | Weighted Average Contractual Rate |  | Weighted Average Effective Rate |  | December 31, |
(in thousands) |  |  |  |  |  |  |  | 2021 |  |  | 2020 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 3/1/2032 |  | 4.0% |  | 3.8% |  | $ | 359,414 |  |  | $ | 272,750 |
Variable rate mortgage loans (1) |  | 6/2/2027 |  | 3.2% |  | 3.3% |  |  | 115,539 |  |  |  | 146,046 |
Fixed rate unsecured debt |  | 3/15/2049 |  | 3.8% |  | 4.0% |  |  | 3,243,991 |  |  |  | 3,239,609 |
Total notes payable |  |  |  |  |  |  |  | $ | 3,718,944 |  |  |  | 3,658,405 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit (2) |  | 3/23/2025 |  | 1.0% |  | 1.3% |  | $ | — |  |  | $ | — |
Term Loan (3) |  |  |  | 2.0% |  | 2.1% |  |  | — |  |  |  | 264,679 |
Total debt outstanding |  |  |  |  |  |  |  | $ | 3,718,944 |  |  |  | 3,923,084 |
(1) Consists of five mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to mitigate the interest rate fluctuation risk. 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) |  | December 31, 2021 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2022 |  | $ | 11,389 |  |  | $ | 5,848 |  |  | $ | — |  |  |  | 17,237 |
2023 |  |  | 9,695 |  |  |  | 64,376 |  |  |  | — |  |  |  | 74,071 |
2024 |  |  | 4,849 |  |  |  | 90,742 |  |  |  | 250,000 |  |  |  | 345,591 |
2025 |  |  | 3,732 |  |  |  | 40,000 |  |  |  | 250,000 |  |  |  | 293,732 |
2026 |  |  | 3,922 |  |  |  | 88,000 |  |  |  | 200,000 |  |  |  | 291,922 |
Beyond 5 Years |  |  | 6,661 |  |  |  | 138,234 |  |  |  | 2,575,000 |  |  |  | 2,719,895 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | 7,505 |  |  |  | (31,009 | ) |  |  | (23,504 | )
Total notes payable |  | $ | 40,248 |  |  |  | 434,705 |  |  |  | 3,243,991 |  |  |  | 3,718,944 |
(1) Includes unsecured public and private debt and unsecured credit facilities.

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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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- 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=123465755&loc=d3e1835-112601 + Details
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