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Indebtedness (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of additional outstanding debt

At December 31, 2019 and 2018, our outstanding indebtedness consisted of the following:

				Principal Balance as of December 31,
Unsecured Floating Rate Debt (1)		Maturity		2019				2018
Revolving credit facility (2)		January 2022		$	537,500			$	139,000
Unsecured term loan (3)		January 2020		—				350,000
Unsecured term loan		June 2020		250,000				—
Unsecured term loan		September 2022		200,000				200,000
Total unsecured floating rate debt				$	987,500			$	689,000

(1) As of December 31, 2019 and 2018, the unamortized net debt issuance costs on certain of these debts were $1,259 and $1,714, respectively.

(2) Outstanding borrowings under our $1,000,000 unsecured revolving credit facility.

(3) We prepaid this term loan in December 2019.

							December 31, 2019								December 31, 2018
Senior Unsecured Notes (1)		Coupon			Maturity		Face Amount				Unamortized Discount				Face Amount				Unamortized Discount
Senior unsecured notes		3.250	%		May 2019		$	—			$	—			$	400,000			$	19
Senior unsecured notes		6.750	%		April 2020		200,000				59				200,000				274
Senior unsecured notes		6.750	%		December 2021		300,000				1,024				300,000				1,558
Senior unsecured notes		4.750	%		May 2024		250,000				342				250,000				421
Senior unsecured notes		4.750	%		February 2028		500,000				6,857				500,000				7,702
Senior unsecured notes		5.625	%		August 2042		350,000				—				350,000				—
Senior unsecured notes		6.250	%		February 2046		250,000				—				250,000				—
Total senior unsecured notes							$	1,850,000			$	8,282			$	2,250,000			$	9,974

(1)

As of December 31, 2019 and 2018, the unamortized net debt issuance costs on certain of these notes were $21,037 and $23,081, respectively.

Schedule of secured and other debt

		Principal Balance as of December 31,													Number of Properties as Collateral			Net Book Value of Collateral as of December 31,
Secured and Other Debt									2019 (1)				2018 (1)												Interest Rate			Maturity		At December 31, 2019			2019				2018
Mortgage note (2)		$	—			$	42,618			3.79	%		July 2019		—			$	—			$	61,199
Mortgage note (3)		1,426				2,037				7.49	%		January 2022		1			11,469				14,602
Mortgage note		12,513				13,146				6.28	%		July 2022		1			23,662				24,064
Mortgage note		10,958				11,180				4.85	%		October 2022		1			20,139				20,602
Mortgage note		16,131				16,441				5.75	%		October 2022		2			19,751				20,342
Mortgage note		16,056				16,442				6.64	%		June 2023		1			22,854				20,538
Mortgage notes (4)		620,000				620,000				3.53	%		August 2026		1			724,715				745,079
Mortgage note (3) (5)		1,589				1,983				6.25	%		March 2026		1			4,226				4,402
Mortgage note		10,688				10,901				4.44	%		July 2043		1			13,756				13,816
Capital Leases		8,874				9,832				7.70	%		April 2026		2			18,432				17,970
Total secured		$	698,235			$	744,580								11			$	859,004			$	942,614

(1) The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. As of December 31, 2019 and 2018, the unamortized net premiums and debt issuance costs on certain of these mortgages were $506 and $394, respectively.

(2) We prepaid this debt in May 2019.

(3) The properties encumbered by these mortgages were classified as held for sale as of December 31, 2019. The associated mortgages, along with $25 of unamortized net debt issuance costs, are included in liabilities of properties held for sale in our consolidated balance sheets as of December 31, 2019.

(4) The property encumbered by these mortgages is owned in a joint venture arrangement in which we own a 55% equity interest. The principal amounts listed in the table for these debts have not been adjusted to reflect the equity interests in the joint venture that we do not own.

(5)

We prepaid this debt in February 2020.

Schedule of required principal payments on outstanding debt

Required principal payments on our outstanding debt as of December 31, 2019, are as follows:

Year		Principal Payment
2020		$	453,799
2021		304,097
2022		776,872
2023		16,673
2024		252,110
Thereafter		1,732,184			(1)

 

(1) The carrying value of our total debt outstanding as of December 31, 2019, including unamortized debt issuance costs, premiums and discounts was $3,504,651.

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