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Debt Obligations | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt Obligations | Debt Obligations As of June 30, 2019 and December 31, 2018, the Company had the following indebtedness outstanding:
|  | Carrying Value as of |  |  |  |
|  | June 30, 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 |  | 237 |  |  | 262 |  |  |  |  |
Net unamortized debt issuance costs |  | (41 | ) |  | (45 | ) |  |  |  |
Total secured loan, net |  | $ | 7,196 |  |  | $ | 7,217 |  |  |  |  |
Notes payable |  |  |  |  |  |  |  |
Unsecured notes(3) |  | $ | 3,868,453 |  |  | $ | 3,468,453 |  |  | 3.25% – 7.97% |  | 2022 – 2029
Net unamortized discount |  | (11,373 | ) |  | (11,562 | ) |  |  |  |
Net unamortized debt issuance costs |  | (22,591 | ) |  | (20,877 | ) |  |  |  |
Total notes payable, net |  | $ | 3,834,489 |  |  | $ | 3,436,014 |  |  |  |  |
Unsecured Credit Facility and term loans |  |  |  |  |  |  |  |
Unsecured Credit Facility - $500 Million Term Loan(4) |  | $ | 300,000 |  |  | $ | 500,000 |  |  | 3.69% |  | 2021
Unsecured Credit Facility - Revolving Facility |  | 145,000 |  |  | 306,000 |  |  | 3.50% |  | 2023
Unsecured $350 Million Term Loan(4) |  | 350,000 |  |  | 350,000 |  |  | 3.69% |  | 2023
Unsecured $300 Million Term Loan(5) |  | 300,000 |  |  | 300,000 |  |  | 4.34% |  | 2024
Net unamortized debt issuance costs |  | (11,148 | ) |  | (13,368 | ) |  |  |  |
Total Unsecured Credit Facility and term loans |  | $ | 1,083,852 |  |  | $ | 1,442,632 |  |  |  |  |
Total debt obligations, net |  | $ | 4,925,537 |  |  | $ | 4,885,863 |  |  |  |  |
(1) | Stated interest rates as of June 30, 2019 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 $16.2 million as of June 30, 2019.
(3) | The weighted average stated interest rate on the Company’s unsecured notes was 3.83% as of June 30, 2019.
(4) | Effective November 1, 2016, the Company has in place three interest rate swap agreements that convert the variable interest rate on $150.0 million of 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”) and the Company’s $350.0 million term loan agreement, as amended December 12, 2018, (the “$350 Million Term Loan”) 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.
2019 Debt Transactions In May 2019, the Operating Partnership issued $400.0 million aggregate principal amount of 4.125% Senior Notes due 2029 (the “2029 Notes”), the net proceeds of which were used to repay outstanding indebtedness under the Operating Partnership’s Unsecured Credit Facility and for general corporate purposes. The 2029 Notes bear interest at a rate of 4.125% per annum, payable semi-annually on May 15 and November 15 of each year, commencing November 15, 2019. The 2029 Notes will mature on May 15, 2029. The Operating Partnership may redeem the 2029 Notes prior to maturity at its option, at any time in whole or from time to time in part, at the applicable redemption price specified in the Indenture with respect to the 2029 Notes. If the 2029 Notes are redeemed on or after February 15, 2029 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2029 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2029 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured and unsubordinated indebtedness. During the six months ended June 30, 2019, the Company repaid $361.0 million of indebtedness under the Unsecured Credit Facility, including $200.0 million of unsecured term loans and $161.0 million of the Revolving Facility, net of borrowings. These repayments were funded primarily with proceeds from the issuance of the 2029 Notes. Additionally, during the six months ended June 30, 2019, the Company recognized a $0.7 million loss on extinguishment of debt, net as a result of debt transactions. Loss on extinguishment of debt, net includes $0.7 million of accelerated unamortized debt issuance costs. Pursuant to the terms of the Company’s unsecured debt agreements, the Company among other things is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of June 30, 2019. Debt Maturities As of June 30, 2019 and December 31, 2018, the Company had accrued interest of $37.5 million and $34.0 million outstanding, respectively. As of June 30, 2019, scheduled amortization and maturities of the Company’s outstanding debt obligations were as follows:
Year ending December 31, |  |
2019 (remaining six months) |  | $ | — |
2020 |  | — |
2021 |  | 300,000 |
2022 |  | 750,000 |
2023 |  | 995,000 |
Thereafter |  | 2,925,453 |
Total debt maturities |  | 4,970,453 |
Net unamortized discount |  | (11,136 | )
Net unamortized debt issuance costs |  | (33,780 | )
Total debt obligations, net |  | $ | 4,925,537 |
As of the date the financial statements were issued, the Company did not have any scheduled debt maturities for the next 12 months.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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