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Notes Payable and Unsecured Credit Facility (Tables)

12 Months Ended

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.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

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