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Notes Payable and Unsecured Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2023

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:


(in thousands)	Weighted Average Contractual Rate	Weighted Average Effective Rate	June 30, 2023		December 31, 2022
Notes payable:
Fixed rate mortgage loans	3.9%	3.4%	$	326,471		342,135
Variable rate mortgage loans (1)	3.8%	3.9%		132,039		136,246
Fixed rate unsecured debt	3.8%	4.0%		3,250,564		3,248,373
Total notes payable				3,709,074		3,726,754
Unsecured credit facilities:
$1.25 Billion Line of Credit (the "Line") (2)	6.0%	6.4%		—		—
Total debt outstanding			$	3,709,074		3,726,754

(1)

Five of these six variable rate loans, representing $129.8 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five loans range from 2.5% to 6.0%.

(2)

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

Schedule of Maturities of Long-term Debt

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


(in thousands)	June 30, 2023
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities (1)			Total
2023 (2)	$	4,490		30,592		—			35,082
2024		5,044		90,742		250,000			345,786
2025		3,942		43,750		250,000			297,692
2026		4,127		127,096		200,000			331,223
2027		3,788		137,915		525,000			666,703
Beyond 5 Years		2,873		319		2,050,000			2,053,192
Unamortized debt premium/(discount) and issuance costs		—		3,832		(24,436	)		(20,604	)
Total	$	24,264		434,246		3,250,564			3,709,074

(1)

Includes unsecured public and private debt and unsecured credit facilities.

(2)

Reflects scheduled principal payments and maturities for the remainder of the year.