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Debt Obligations (Tables) | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Debt obligations under various arrangements with financial institutions | As of March 31, 2019 and December 31, 2018, the Company had the following indebtedness outstanding:
|  | Carrying Value as of |  |  |  |
|  | March 31, 2019 |  | December 31, 2018 |  | Stated Interest Rate(1) |  | Scheduled Maturity Date
Secured loan |  |  |  |  |  |  |  |
Secured loan(2) |  | $ | 7,000 |  |  | $ | 7,000 |  |  | 4.40% |  | 2024
Net unamortized premium |  | 250 |  |  | 262 |  |  |  |  |
Net unamortized debt issuance costs |  | (43 | ) |  | (45 | ) |  |  |  |
Total secured loan, net |  | $ | 7,207 |  |  | $ | 7,217 |  |  |  |  |
Notes payable |  |  |  |  |  |  |  |
Unsecured notes(3) |  | $ | 3,468,453 |  |  | $ | 3,468,453 |  |  | 3.25% – 7.97% |  | 2022 – 2029
Net unamortized discount |  | (11,082 | ) |  | (11,562 | ) |  |  |  |
Net unamortized debt issuance costs |  | (19,902 | ) |  | (20,877 | ) |  |  |  |
Total notes payable, net |  | $ | 3,437,469 |  |  | $ | 3,436,014 |  |  |  |  |
Unsecured Credit Facility and term loans |  |  |  |  |  |  |  |
Unsecured Credit Facility - $500 Million Term Loan(4) |  | $ | 500,000 |  |  | $ | 500,000 |  |  | 3.74% |  | 2021
Unsecured Credit Facility - Revolving Facility |  | 291,000 |  |  | 306,000 |  |  | 3.59% |  | 2023
Unsecured $350 Million Term Loan |  | 350,000 |  |  | 350,000 |  |  | 3.74% |  | 2023
Unsecured $300 Million Term Loan(5) |  | 300,000 |  |  | 300,000 |  |  | 4.39% |  | 2024
Net unamortized debt issuance costs |  | (12,611 | ) |  | (13,368 | ) |  |  |  |
Total Unsecured Credit Facility and term loans |  | $ | 1,428,389 |  |  | $ | 1,442,632 |  |  |  |  |
Total debt obligations, net |  | $ | 4,873,065 |  |  | $ | 4,885,863 |  |  |  |  |
(1) | The stated interest rates are as of March 31, 2019 and do not include the impact of the Company’s interest rate swap agreements (described below).
(2) | The Company’s secured loan is collateralized by a property with a carrying value of approximately $16.3 million as of March 31, 2019.
(3) | The weighted average stated interest rate on the Company’s unsecured notes was 3.81% as of March 31, 2019.
(4) | Effective November 1, 2016, the Company has in place three interest rate swap agreements that convert the variable interest rate on a $500.0 million term loan (the “$500 Million Term Loan”) under the Company’s senior unsecured credit facility agreement, as amended December 12, 2018, (the “Unsecured Credit Facility”) to a fixed, combined interest rate of 1.11% (plus a spread of 125 basis points) through July 30, 2021.
(5) | Effective January 2, 2019, the Company has in place four interest rate swap agreements that convert the variable interest rate on the Company’s $300.0 million term loan agreement, as amended December 12, 2018 (the “$300 Million Term Loan”) to a fixed, combined interest rate of 2.61% (plus a spread of 190 basis points until July 28, 2019, which decreases to 125 basis points thereafter) through July 26, 2024.
Future expected/scheduled maturities of outstanding debt and capital lease obligations | As of March 31, 2019 and December 31, 2018, the Company had accrued interest of $27.2 million and $34.0 million outstanding, respectively. As of March 31, 2019, scheduled amortization and maturities of the Company’s outstanding debt obligations were as follows:
Year ending December 31, |  |
2019 (remaining nine months) |  | $ | — |
2020 |  | — |
2021 |  | 500,000 |
2022 |  | 750,000 |
2023 |  | 1,141,000 |
Thereafter |  | 2,525,453 |
Total debt maturities |  | 4,916,453 |
Net unamortized discount |  | (10,832 | )
Net unamortized debt issuance costs |  | (32,556 | )
Total debt obligations, net |  | $ | 4,873,065 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644 + Details
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