Notes Payable and Unsecured Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2018

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.

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.