Indebtedness (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Indebtedness at December 31, 2020 and 2019 consists of the following (in thousands):

	Maturity Date	Weighted Average Interest Rate		Weighted Average Interest Rate
		2020		2019		2020		2019
Fixed rate secured debt	2025 to 2035	4.56	%	5.92	%	$	62,817	$	32,287
Variable rate secured debt	2025	0.08	%	1.39	%	1,600		1,900
Unsecured debt	2022 to 2050	3.35	%	3.71	%	3,058,740		2,900,000
Unsecured line of credit	2023	1.03	%	—	%	295,000		—
						$	3,418,157	$	2,934,187
Less: Deferred financing costs						33,106		19,422
Total indebtedness as reported on consolidated balance sheets						$	3,385,051	$	2,914,765

Unsecured Lines of Credit

Our unsecured line of credit at December 31, 2020 is described as follows (in thousands):

				Outstanding Balance at
Description	Borrowing Capacity		Maturity Date	December 31, 2020
Unsecured Line of Credit – Partnership	$	1,200,000	January 30, 2022	$	295,000

Fair Value, Liabilities Measured on a Recurring Basis, Disclosure Only

As all of our fair value debt disclosures relied primarily on Level 3 inputs, the following table summarizes the book value and changes in the fair value of our debt for the year ended December 31, 2020 (in thousands): 

	Book Value at 12/31/2019		Book Value at 12/31/2020		Fair Value at 12/31/2019		Issuances and Assumptions		Payments/Payoffs		Adjustments to Fair Value		Fair Value at 12/31/2020
Fixed rate secured debt	$	32,287	$	62,817	$	34,547	$	43,855	$	(13,156)	$	602	$	65,848
Variable rate secured debt	1,900		1,600		1,900		—		(300)		—		1,600
Unsecured debt	2,900,000		3,058,740		3,045,485		675,000		(516,260)		183,688		3,387,913
Unsecured line of credit	—		295,000		—		295,000		—		—		295,000
Total	$	2,934,187	$	3,418,157	$	3,081,932	$	1,013,855	$	(529,716)	$	184,290	$	3,750,361
Less: Deferred financing costs	19,422		33,106
Total indebtedness as reported on the consolidated balance sheets	$	2,914,765	$	3,385,051

Schedule of Maturities of Long-term Debt

At December 31, 2020, the scheduled amortization and maturities of all indebtedness, excluding fair value adjustment, for the next five years and thereafter were as follows (in thousands):

Year	Amount
2021	$	4,413
2022	88,386
2023	549,893
2024	305,155
2025	5,102
Thereafter	2,461,396
	$	3,414,345