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Debt Obligations | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt Obligations | Debt Obligations 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. 2020 Debt Transactions During the nine months ended September 30, 2020, the Company repaid $7.0 million, net of borrowings, under the Operating Partnership’s $1.25 billion revolving credit facility (the “Revolving Facility”). In June 2020, the Operating Partnership issued $500.0 million aggregate principal amount of 4.050% Senior Notes due 2030 (the “2030 Notes”) at 99.776% of par, the net proceeds of which were used to complete the Tender Offer (defined below), repay outstanding indebtedness under the Revolving Facility, and for general corporate purposes. The 2030 Notes bear interest at a rate of 4.050% per annum, payable semi-annually on January 1 and July 1 of each year, commencing January 1, 2021. The 2030 Notes will mature on July 1, 2030. The Operating Partnership may redeem the 2030 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 2030 Notes. If the 2030 Notes are redeemed on or after April 1, 2030 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2030 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. In August 2020, the Operating Partnership issued an additional $300.0 million aggregate principal amount of the 2030 Notes at 107.172% of par, the net proceeds of which were used to repay outstanding indebtedness under the Revolving Facility and for general corporate purposes. The additional notes form a single series with the previously outstanding 2030 Notes. In June 2020, the Operating Partnership commenced a cash tender offer (the “Tender Offer”) for any and all of its outstanding 3.875% Senior Notes due 2022 (the “2022 Notes”). The Tender Offer expired on June 26, 2020. As a result of the Tender Offer, the Company repurchased notes with a face value of $182.5 million on June 29, 2020 and $0.7 million on July 1, 2020. Following the repurchase, $316.8 million aggregate principal amount of the 2022 Notes remains outstanding. During the nine months ended September 30, 2020, as a result of the Tender Offer and the repayment of its $7.0 million secured loan, the Company recognized a $10.4 million loss on extinguishment of debt, net. Loss on extinguishment of debt, net includes $9.7 million of prepayment fees and $0.7 million of accelerated unamortized debt issuance costs and debt discounts, net of premiums. In April 2020, the Operating Partnership amended its senior unsecured credit agreements related to the Revolving Facility and the Operating Partnership’s term loans, changing the covenant calculation reference period to the most recent twelve months for which it reported financial results from the most recent six months for which it reported financial results, annualized. 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 September 30, 2020. Debt Maturities 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 |
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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