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Notes Payable and Unsecured Credit Facilities (Tables) | 9 Months Ended
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Sep. 30, 2023
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 as of the dates set forth below:
(in thousands) |  | Weighted Average Contractual Rate |  | Weighted Average Effective Rate |  | September 30, 2023 |  |  | December 31, 2022 |
Notes payable: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 3.9% |  | 4.1% |  | $ | 452,512 |  |  |  | 342,135 |
Variable rate mortgage loans (1) |  | 4.1% |  | 4.1% |  |  | 287,922 |  |  |  | 136,246 |
Fixed rate unsecured debt |  | 3.8% |  | 4.0% |  |  | 3,251,659 |  |  |  | 3,248,373 |
Total notes payable, net |  |  |  |  |  |  | 3,992,093 |  |  |  | 3,726,754 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |
$1.25 Billion Line of Credit (the "Line") (2) |  | 6.3% |  | 6.6% |  |  | 77,000 |  |  |  | — |
Total unsecured credit facilities |  |  |  |  |  |  | 77,000 |  |  |  | — |
Total debt outstanding |  |  |  |  |  | $ | 4,069,093 |  |  |  | 3,726,754 |
(1) As of September 30, 2023, 14 of these 16 variable rate loans, representing $283.0 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the 16 loans range from 2.5% to 6.7%. (2) The Line is scheduled to mature on March 23, 2025. The Company has the option to extend the maturity for two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.
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, 2023 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2023 (2) |  | $ | 4,154 |  |  |  | — |  |  |  | — |  |  |  | 4,154 |
2024 |  |  | 12,934 |  |  |  | 133,809 |  |  |  | 250,000 |  |  |  | 396,743 |
2025 |  |  | 11,094 |  |  |  | 52,369 |  |  |  | 327,000 |  |  |  | 390,463 |
2026 |  |  | 11,426 |  |  |  | 134,850 |  |  |  | 200,000 |  |  |  | 346,276 |
2027 |  |  | 8,612 |  |  |  | 222,429 |  |  |  | 525,000 |  |  |  | 756,041 |
Beyond 5 Years |  |  | 14,762 |  |  |  | 142,893 |  |  |  | 2,050,000 |  |  |  | 2,207,655 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | (8,898 | ) |  |  | (23,341 | ) |  |  | (32,239 | )
Total |  | $ | 62,982 |  |  |  | 677,452 |  |  |  | 3,328,659 |  |  |  | 4,069,093 |
(1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments and maturities for the remainder of the year.

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