Debt Schedule of Long-term Debt Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Long-term Debt, Unclassified [Abstract]

Schedule of Long-term Debt Instruments

Debt at December 31, 2019 and 2018 consists of the following (in thousands):

	2019			2018
Senior unsecured notes payable, 5.75%, prepaid in full during the three months ended September 30, 2019 (1)	$	—		$	350,000
Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022 (2)	—			30,000
Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 3.15% and $50,000 fixed at 3.35% through February 7, 2022, due February 27, 2023 (2)	400,000			400,000
Senior unsecured notes payable, 5.25%, due July 15, 2023 (3)	275,000			275,000
Senior unsecured notes payable, 4.35%, due August 22, 2024 (4)	148,000			148,000
Senior unsecured notes payable, 4.50%, due April 1, 2025 (3)	300,000			300,000
Senior unsecured notes payable, 4.56%, due August 22, 2026 (4)	192,000			192,000
Senior unsecured notes payable, 4.75%, due December 15, 2026 (3)	450,000			450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027 (3)	450,000			450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028 (3) (5)	400,000			400,000
Senior unsecured notes payable, 3.75%, due August 15, 2029 (3) (6)	500,000			—
Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 2047	24,995			24,995
Less: deferred financing costs, net	(37,165		)	(33,941		)
Total	$	3,102,830		$	2,986,054

(1) On August 19, 2019, $219.4 million of the $350.0 million aggregate principal amount of 5.75% Senior Notes due August 15, 2022 were validly tendered and delivered for consideration of the principal amount outstanding plus a premium of $23.6 million. On September 16, 2019, the Company redeemed all of the remaining outstanding notes that were not validly tendered. The notes were redeemed at a price equal to the principal amount outstanding plus a premium calculated pursuant to the terms of the indenture of $13.3 million, together with accrued and unpaid interest of $0.6 million. In connection with the tender offer and the redemption, the Company recorded a non-cash write off of $1.4 million in deferred financing costs. The premiums paid and the non-cash write off, totaling $38.3 million, were recognized as costs associated with loan refinancing or payoff in the accompanying consolidated statements of income and comprehensive income for the year ended December 31, 2019.

(2) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00%, which was 2.88% on December 31, 2019. Interest is payable monthly. As of December 31, 2019, the Company had no outstanding balance under the facility and total availability under the facility was $1.0 billion. The Company's unsecured term loan payable bears interest at LIBOR plus 1.10%, which was 2.81% on December 31, 2019. Interest is payable monthly. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility (the combined facility) that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.4 billion to $2.4 billion. If the Company exercises all or any portion of the accordion feature, the resulting increase in the combined facility may have a shorter or longer maturity date and different pricing terms. The combined facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service.

(3) These notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the ratio of the Company’s debt to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and

(iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt.

(4) These notes (i) contain certain financial and other covenants that generally conform to the combined credit facility described above; (ii) provide investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) contain certain "most favored lender" provisions and (iv) impose restrictions on debt that can be incurred by certain subsidiaries of the Company.

(5) On April 16, 2018, the Company issued $400.0 million in aggregate principal amount of senior notes due April 15, 2028, pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.95%. Interest is payable on April 15 and October 15 of each year beginning on October 15, 2018 until the stated maturity date of April 15, 2028. The notes were issued at 98.883% of their face value and are unsecured. Net proceeds from the note offering of $391.8 million were used to pay down the Company's unsecured revolving credit facility.

Schedule of Maturities of Long-term Debt

Principal payments due on long-term debt obligations subsequent to December 31, 2019 (without consideration of any extensions) are as follows (in thousands):

	Amount
Year:
2020	$	—
2021	—
2022	—
2023	675,000
2024	148,000
Thereafter	2,316,995
Less: deferred financing costs, net	(37,165		)
Total	$	3,102,830

Interest Expense, Net

The following is a summary of interest expense, net from continuing operations for the years ended December 31, 2019, 2018 and 2017 (in thousands):

	2019			2018			2017
Interest on loans	$	140,697		$	137,570		$	135,023
Amortization of deferred financing costs	6,192			5,797			6,167
Credit facility and letter of credit fees	2,265			2,411			2,005
Interest cost capitalized	(4,975		)	(9,541		)	(9,542		)
Interest income	(2,177		)	(367		)	(192		)
Interest expense, net	$	142,002		$	135,870		$	133,461