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Notes Payable and Unsecured Credit Facilities (Tables) | 6 Months Ended
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Jun. 30, 2024
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) |  | Maturing Through |  | Weighted Average Contractual Rate |  | Weighted Average Effective Rate |  | June 30, 2024 |  |  | December 31, 2023 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 6/1/2037 |  | 3.9% |  | 4.4% |  | $ | 358,158 |  |  |  | 449,615 |
Variable rate mortgage loans (1) |  | 1/31/2032 |  | 4.2% |  | 4.2% |  |  | 297,200 |  |  |  | 299,579 |
Fixed rate unsecured debt |  | 3/15/2049 |  | 4.0% |  | 4.2% |  |  | 3,400,032 |  |  |  | 3,252,755 |
Total notes payable, net |  |  |  |  |  |  |  |  | 4,055,390 |  |  |  | 4,001,949 |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |  |  |
$1.5 Billion Line of Credit (the "Line") (2) |  | 3/23/2028 |  | 6.2% |  | 6.5% |  |  | 310,000 |  |  |  | 152,000 |
Total unsecured credit facilities |  |  |  |  |  |  |  |  | 310,000 |  |  |  | 152,000 |
Total debt outstanding |  |  |  |  |  |  |  | $ | 4,365,390 |  |  |  | 4,153,949 |
(1) As of June 30, 2024, 98.2% of the variable rate mortgage loans are fixed through interest rate swaps. (2) The Company has the option to extend the maturity date by 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) |  | June 30, 2024 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2024 (2) |  | $ | 5,052 |  |  |  | 53,108 |  |  |  | — |  |  |  | 58,160 |
2025 |  |  | 9,678 |  |  |  | 52,537 |  |  |  | 250,000 |  |  |  | 312,215 |
2026 |  |  | 9,920 |  |  |  | 147,850 |  |  |  | 200,000 |  |  |  | 357,770 |
2027 |  |  | 7,013 |  |  |  | 222,558 |  |  |  | 525,000 |  |  |  | 754,571 |
2028 |  |  | 5,312 |  |  |  | 36,570 |  |  |  | 610,000 |  |  |  | 651,882 |
Beyond 5 Years |  |  | 7,956 |  |  |  | 106,089 |  |  |  | 2,150,000 |  |  |  | 2,264,045 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | (8,285 | ) |  |  | (24,968 | ) |  |  | (33,253 | )
Total |  | $ | 44,931 |  |  |  | 610,427 |  |  |  | 3,710,032 |  |  |  | 4,365,390 |
(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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- 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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