Notes Payable and Unsecured Credit Facilities

The Company’s outstanding debt consisted of the following:



(in thousands)	Weighted Average Contractual Rate	Weighted Average Effective Rate	March 31, 2018			December 31, 2017
Notes payable:
Fixed rate mortgage loans	5.1%	4.4%	$	526,048		520,193
Variable rate mortgage loans	3.3%	3.5%	127,631		⁽¹⁾	125,866
Fixed rate unsecured public and private debt	4.1%	4.5%	2,623,209			2,325,656
Total notes payable			3,276,888			2,971,715
Unsecured credit facilities:
Line of Credit (the "Line") ⁽²⁾	2.6%	2.8%	—			60,000
Term loans	2.4%	2.5%	563,380			563,262
Total unsecured credit facilities			563,380			623,262
Total debt outstanding			$	3,840,268		3,594,977

⁽¹⁾ Includes five mortgages whose interest rates vary on LIBOR based formulas. Three of these variable rate loans have interest rate swaps in place to fix the interest rates at a range of 2.8% to 4.07%.
⁽²⁾ Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance.

Significant financing activity during 2018 includes:

•

On March 9, 2018, the Company received proceeds from issuing $300.0 million of 4.125% senior unsecured public notes, which priced at 99.837% and mature in March 2028. $60 million of the proceeds were used to repay our Line. Subsequent to quarter-end, $163.2 million was used to early redeem, in April 2018, the senior unsecured public notes originally due June 2020. The remainder of the proceeds are intended to be used to repay 2018 mortgage maturities and for general corporate purposes.

•

On March 26, 2018, the Company amended and restated its unsecured revolving credit facility (the “Line”). The amendment and restatement increases the size of the Line to $1.25 billion from $1.0 billion and extends the maturity date to March 23, 2022, with options to extend the maturity for two additional six-month periods. Borrowings will bear interest at an annual rate of LIBOR plus 87.5 basis points, subject to the Company’s credit ratings, compared to a rate of 92.5 basis points under its previous facility. An annual facility fee of 15 basis points, subject to the Company’s credit ratings, applies to the entire $1.25 billion Line.

Subsequent Event

On April 2, 2018, the Company paid $163.2 million, including accrued and unpaid interest through the redemption date and a make-whole amount, to redeem its outstanding $150.0 million 6% Senior Unsecured Notes originally due June 15, 2020. As noted above, the Company used proceeds from its March 9, 2018 offering to fund the redemption.

As of March 31, 2018, scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:



(in thousands)	March 31, 2018
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities ⁽¹⁾			Total
2018	$	8,001	112,226	—			120,227
2019	9,519		23,525	—			33,044
2020	11,287		78,580	450,000		⁽²⁾	539,867
2021	11,600		66,751	250,000			328,351
2022	11,799		5,848	565,000			582,647
Beyond 5 Years	45,938		260,336	1,950,000			2,256,274
Unamortized debt premium/(discount) and issuance costs	—		8,269	(28,411	)		(20,142	)
Total	$	98,144	555,535	3,186,589			3,840,268

⁽¹⁾ Includes unsecured public debt and unsecured credit facilities.
⁽²⁾ On April 2, 2018, the Company redeemed its outstanding $150.0 million 6.0% senior unsecured public notes, due June 15, 2020, for a redemption price of $163.2 million, including accrued and unpaid interest through the redemption date and a make-whole amount.

The Company has $135.8 million of mortgage loans maturing through 2019, which it currently intends to repay if wholly owned, or refinance if held within a consolidated real estate investment partnership. The Company has sufficient capacity on its Line to repay this maturing debt, all of which is in the form of non-recourse mortgage loans.

The Company was in compliance as of March 31, 2018 with the financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities.