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Notes Payable and Unsecured Credit Facility (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | Maturing Through |  | Weighted Average Contractual Rate |  | Weighted Average Effective Rate |  | December 31, |
(in thousands) |  |  |  |  |  |  |  | 2023 |  |  | 2022 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 6/1/2037 |  | 3.8% |  | 4.2% |  | $ | 449,615 |  |  |  | 342,135 |
Variable rate mortgage loans (1) |  | 1/31/2032 |  | 4.2% |  | 4.3% |  |  | 299,579 |  |  |  | 136,246 |
Fixed rate unsecured debt |  | 3/15/2049 |  | 3.8% |  | 4.0% |  |  | 3,252,755 |  |  |  | 3,248,373 |
Total notes payable |  |  |  |  |  |  |  |  | 4,001,949 |  |  |  | 3,726,754 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |  |  |
$1.25 Billion Line of Credit (the "Line") (2) |  | 3/23/2025 |  | 6.3% |  | 6.6% |  |  | 152,000 |  |  |  | — |
Total unsecured credit facilities |  |  |  |  |  |  |  |  | 152,000 |  |  |  | — |
Total debt outstanding |  |  |  |  |  |  |  | $ | 4,153,949 |  |  |  | 3,726,754 |
(1) As of December 31, 2023, 15 of these 17 variable rate loans, representing $294.9 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 15 loans range from 2.5% to 6.7%. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. In January 2024, the Company amended its Line to, among other items, increase the borrowing capacity to $1.5 billion and to extend the expiration date to March, 2028 with the option to extend the expiration for two additional six-month period.
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, 2023 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2024 |  | $ | 12,398 |  |  |  | 133,580 |  |  |  | 250,000 |  |  |  | 395,978 |
2025 |  |  | 11,094 |  |  |  | 52,537 |  |  |  | 402,000 |  |  |  | 465,631 |
2026 |  |  | 11,426 |  |  |  | 147,847 |  |  |  | 200,000 |  |  |  | 359,273 |
2027 |  |  | 8,612 |  |  |  | 222,558 |  |  |  | 525,000 |  |  |  | 756,170 |
2028 |  |  | 7,011 |  |  |  | 36,570 |  |  |  | 300,000 |  |  |  | 343,581 |
Beyond 5 Years |  |  | 8,070 |  |  |  | 106,130 |  |  |  | 1,750,000 |  |  |  | 1,864,200 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | (8,640 | ) |  |  | (22,244 | ) |  |  | (30,884 | )
Total |  | $ | 58,611 |  |  |  | 690,582 |  |  |  | 3,404,756 |  |  |  | 4,153,949 |
(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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