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Notes Payable and Unsecured Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2021

The Company’s outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following:


	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2021		2020
Notes payable:
Fixed rate mortgage loans	3/1/2032	4.0%	3.8%	$	359,414	$	272,750
Variable rate mortgage loans (1)	6/2/2027	3.2%	3.3%		115,539		146,046
Fixed rate unsecured debt	3/15/2049	3.8%	4.0%		3,243,991		3,239,609
Total notes payable				$	3,718,944		3,658,405
Unsecured credit facilities:
Line of Credit (2)	3/23/2025	1.0%	1.3%	$	—	$	—
Term Loan (3)		2.0%	2.1%		—		264,679
Total debt outstanding				$	3,718,944		3,923,084

(1)

Consists of five mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to mitigate the interest rate fluctuation risk. The effective fixed rates of the loans range from 2.5% to 4.1%.

(2)

Weighted average effective rate for the Line is calculated based on a fully drawn Line balance.

(3)

Weighted average contractual and effective rates for the Term Loan are as of December 31, 2020, as the entire balance was repaid during January 2021.

Schedule of Maturities of Long-term Debt

Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:


(in thousands)	December 31, 2021
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities (1)			Total
2022	$	11,389	$	5,848	$	—			17,237
2023		9,695		64,376		—			74,071
2024		4,849		90,742		250,000			345,591
2025		3,732		40,000		250,000			293,732
2026		3,922		88,000		200,000			291,922
Beyond 5 Years		6,661		138,234		2,575,000			2,719,895
Unamortized debt premium/(discount) and issuance costs		—		7,505		(31,009	)		(23,504	)
Total notes payable	$	40,248		434,705		3,243,991			3,718,944

(1)

Includes unsecured public and private debt and unsecured credit facilities.