Notes Payable and Unsecured Credit Facilities

3 Months Ended

Mar. 31, 2019

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, 2019			December 31, 2018
Notes payable:
Fixed rate mortgage loans	4.5%	4.1%	$	360,865		403,306
Variable rate mortgage loans	3.5%	3.6%	127,081		⁽¹⁾	127,850
Fixed rate unsecured public and private debt	4.0%	4.4%	2,521,940			2,475,322
Total notes payable			3,009,886			3,006,478
Unsecured credit facilities:
Line of Credit (the "Line") ⁽²⁾	3.5%	3.7%	110,000			145,000
Term loans	2.4%	2.5%	563,852			563,734
Total unsecured credit facilities			673,852			708,734
Total debt outstanding			$	3,683,738		3,715,212

⁽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 4.1%.
⁽²⁾ Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance.

Significant financing activity during 2019 includes:

•

On March 6, 2019, the Company issued $300 million of 4.65% senior unsecured public notes, which priced at 99.661%, and mature in March 2049. The net proceeds of the offering were used (i) to repay a $39.5 million mortgage maturing in 2020 with an interest rate of 7.3%, including a prepayment premium of $1 million, (ii) to repay in full its outstanding $250 million 4.8% notes due April 15, 2021, including a make-whole premium of approximately $9.6 million and accrued interest, and (iii) for general corporate purposes.

As of March 31, 2019, scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:



(in thousands)	March 31, 2019
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities ⁽¹⁾		Total
2019	$	7,284	13,216	—		20,500
2020	11,287		39,074	300,000		350,361
2021	11,599		76,251	—		87,850
2022	11,798		5,848	675,000		692,646
2023	10,043		59,375	—		69,418
Beyond 5 Years	27,013		209,843	2,250,000		2,486,856
Unamortized debt premium/(discount) and issuance costs	—		5,315	(29,208	)	(23,893	)
Total	$	79,024	408,922	3,195,792		3,683,738

⁽¹⁾ Includes unsecured public and private debt and unsecured credit facilities.

The Company was in compliance as of March 31, 2019 with the financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities.