Indebtedness (Tables)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Indebtedness at December 31, 2021 and 2020 consists of the following (in thousands):

	Maturity Date	Weighted Average Interest Rate		Weighted Average Interest Rate
		2021		2020		2021		2020
Fixed rate secured debt	2025 to 2035	4.51	%	4.56	%	$	58,422	$	62,817
Variable rate secured debt	2025	0.12	%	0.08	%	1,300		1,600
Unsecured debt	2024 to 2050	3.00	%	3.35	%	3,675,000		3,058,740
Unsecured line of credit	2026	—	%	1.03	%	—		295,000
						$	3,734,722	$	3,418,157
Less: Deferred financing costs						45,440		33,106
Total indebtedness as reported on consolidated balance sheets						$	3,689,282	$	3,385,051

Unsecured Lines of Credit

Our unsecured line of credit at December 31, 2021 is described as follows (in thousands):

				Outstanding Balance at
Description	Borrowing Capacity		Maturity Date	December 31, 2021
Unsecured Line of Credit – Partnership	$	1,200,000	March 31, 2025	$	—

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, 2021 (in thousands): 

	Book Value at 12/31/2020		Book Value at 12/31/2021		Fair Value at 12/31/2020		Issuances and Assumptions		Payments/Payoffs		Adjustments to Fair Value		Fair Value at 12/31/2021
Fixed rate secured debt	$	62,817	$	58,422	$	65,848	$	—	$	(4,113)	$	(1,746)	$	59,989
Variable rate secured debt	1,600		1,300		1,600		—		(300)		—		1,300
Unsecured debt	3,058,740		3,675,000		3,387,913		990,226		(373,966)		(224,708)		3,779,465
Unsecured line of credit	295,000		—		295,000		—		(295,000)		—		—
Total	$	3,418,157	$	3,734,722	$	3,750,361	$	990,226	$	(673,379)	$	(226,454)	$	3,840,754
Less: Deferred financing costs	33,106		45,440
Total indebtedness as reported on the consolidated balance sheets	$	3,385,051	$	3,689,282

Schedule of Maturities of Long-term Debt

At December 31, 2021, 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
2022	$	4,646
2023	4,893
2024	305,155
2025	5,102
2026	378,238
Thereafter	3,033,158
	$	3,731,192