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Debt Obligations (Tables)
 3 Months Ended
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