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Debt Obligations (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt obligations under various arrangements with financial institutions | As of September 30, 2020 and December 31, 2019, the Company had the following indebtedness outstanding:
| Carrying Value as of |  |  |  |  |
| September 30, 2020 |  | December 31, 2019 |  | Stated Interest Rate(1) |  | Scheduled Maturity Date |
Secured loan |  |  |  |  |  |  |  |
Secured loan | $ | — |  |  | $ | 7,000 |  |  | N/A |  | N/A |
Net unamortized premium | — |  |  | 211 |  |  |  |  |  |
Net unamortized debt issuance costs | — |  |  | (37) |  |  |  |  |  |
Total secured loan, net | $ | — |  |  | $ | 7,174 |  |  |  |  |  |
Notes payable |  |  |  |  |  |  |  |
Unsecured notes(2)(3) | $ | 4,835,302 |  |  | $ | 4,218,453 |  |  | 1.30% – 7.97% |  | 2022 – 2030 |
Net unamortized premium | 31,478 |  |  | 11,078 |  |  |  |  |  |
Net unamortized debt issuance costs | (27,146) |  |  | (23,579) |  |  |  |  |  |
Total notes payable, net | $ | 4,839,634 |  |  | $ | 4,205,952 |  |  |  |  |  |
Unsecured Credit Facility and term loans |  |  |  |  |  |  |  |
Unsecured Credit Facility - Revolving Facility | $ | — |  |  | $ | 7,000 |  |  | N/A |  | 2023 |
Unsecured $350 Million Term Loan(3) | 350,000 |  |  | 350,000 |  |  | 1.41% |  | 2023 |
Unsecured $300 Million Term Loan(4) | 300,000 |  |  | 300,000 |  |  | 1.41% |  | 2024 |
Net unamortized debt issuance costs | (7,974) |  |  | (8,941) |  |  |  |  |  |
Total Unsecured Credit Facility and term loans | $ | 642,026 |  |  | $ | 648,059 |  |  |  |  |  |
Total debt obligations, net | $ | 5,481,660 |  |  | $ | 4,861,185 |  |  |  |  |  |
(1)Stated interest rates as of September 30, 2020 do not include the impact of the Company’s interest rate swap agreements (described below). (2)The weighted average stated interest rate on the Company’s unsecured notes was 3.76% as of September 30, 2020. (3)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 the Company’s $250.0 million Floating Rate Senior Notes due 2022, issued on August 31, 2018 to a fixed, combined interest rate of 1.11% (plus a spread of 105 basis points) and the Company’s $350.0 million term loan agreement, as amended April 29, 2020, (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. (4)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 million term loan agreement, as amended April 29, 2020 (the “$300 Million Term Loan”) to a fixed, combined interest rate of 2.61% (plus a spread of 125 basis points) through July 26, 2024.
Future expected/scheduled maturities of outstanding debt and capital lease obligations | As of September 30, 2020 and December 31, 2019, the Company had accrued interest of $44.9 million and $36.9 million outstanding, respectively. As of September 30, 2020, scheduled maturities of the Company’s outstanding debt obligations were as follows:
Year ending December 31, |  |
2020 (remaining three months) |  | $ | — |
2021 |  | — |
2022 |  | 566,849 |
2023 |  | 850,000 |
2024 |  | 800,000 |
Thereafter |  | 3,268,453 |
Total debt maturities |  | 5,485,302 |
Net unamortized premium |  | 31,478 |
Net unamortized debt issuance costs |  | (35,120) |
Total debt obligations, net |  | $ | 5,481,660 |

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