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Debt Obligations
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
As of June 30, 2021 and December 31, 2020, the Company had the following indebtedness outstanding:
Carrying Value as of
June 30,
2021		December 31,
2020
Stated
Interest
Rate(1)
Scheduled
Maturity
Date
Notes payable
Unsecured notes(2)(3)
$4,868,453 $4,518,453 
1.23% – 7.97%
2022 – 2030
Net unamortized premium29,315 31,390 
Net unamortized debt issuance costs(25,889)(25,232)
Total notes payable, net
$4,871,879 $4,524,611 
Unsecured Credit Facility and term loans
Unsecured Credit Facility - Revolving Facility
$— $— N/A2023
Unsecured $350 Million Term Loan
— 350,000 N/AN/A
Unsecured $300 Million Term Loan(4)
300,000 300,000 1.34%2024
Net unamortized debt issuance costs
(4,841)(7,281)
Total Unsecured Credit Facility and term loans
$295,159 $642,719 
Total debt obligations, net
$5,167,038 $5,167,330 
(1)Stated interest rates as of June 30, 2021 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 3.64% as of June 30, 2021.
(3)Effective November 1, 2016, the Company has in place one interest rate swap agreement that converts the variable interest rate on 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) 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 $300.0 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.

2021 Debt Transactions
In March 2021, the Operating Partnership issued $350.0 million aggregate principal amount of 2.250% Senior Notes due 2028 (the “2028 Notes”) at 99.817% of par, the net proceeds of which were used to repay all outstanding indebtedness under the Company’s $350.0 million term loan agreement, as amended April 29, 2020 (the “$350 Million Term Loan”). The 2028 Notes bear interest at a rate of 2.250% per annum, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. The 2028 Notes will mature on April 1, 2028. The Operating Partnership may redeem the 2028 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 2028 Notes. If the 2028 Notes are redeemed on or after February 1, 2028 (two months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2028 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, 2021, as a result of the repayment of the $350 Million Term Loan, the Company recognized a $1.2 million loss on extinguishment of debt. Loss on extinguishment of debt includes $1.2 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, 2021.

Debt Maturities
As of June 30, 2021 and December 31, 2020, the Company had accrued interest of $48.0 million and $47.2 million outstanding, respectively. As of June 30, 2021, scheduled maturities of the Company’s outstanding debt obligations were as follows:
Year ending December 31,
2021 (remaining six months)$— 
2022250,000 
2023500,000 
2024800,000 
2025700,000 
Thereafter2,918,453 
Total debt maturities5,168,453 
Net unamortized premium
29,315 
Net unamortized debt issuance costs
(30,730)
Total debt obligations, net$5,167,038 
As of the date the financial statements were issued, the Company’s scheduled debt maturities for the next 12 months were comprised of the Company’s $250.0 million Floating Rate Senior Notes due 2022. The Company has sufficient cash and cash equivalents to satisfy these scheduled debt maturities.