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Debt Obligations (Tables) | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt obligations under various arrangements with financial institutions | 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.
Future expected/scheduled maturities of outstanding debt and capital lease obligations | 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 |

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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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -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 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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