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Notes Payable and Unsecured Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2024

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)	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	March 31, 2024		December 31, 2023
Notes payable:
Fixed rate mortgage loans	6/1/2037	3.8%	4.4%	$	439,864		449,615
Variable rate mortgage loans (1)	1/31/2032	4.2%	4.2%		298,375		299,579
Fixed rate unsecured debt	3/15/2049	4.0%	4.1%		3,648,942		3,252,755
Total notes payable, net					4,387,181		4,001,949
Unsecured credit facilities:
$1.5 Billion Line of Credit (the "Line") (2)	3/23/2028	6.3%	6.7%		30,000		152,000
Total unsecured credit facilities					30,000		152,000
Total debt outstanding				$	4,417,181		4,153,949

(1)

As of March 31, 2024, 98.3% of the variable rate mortgage loans are fixed through interest rate swaps.

(2)

The Line is scheduled to mature on March 23, 2028. The Company has the option to extend the maturity for two additional six-month periods. 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)	March 31, 2024
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2024 (2)	$	7,989		133,580			250,000			391,569
2025		9,678		52,537			250,000			312,215
2026		9,920		147,848			200,000			357,768
2027		7,013		222,558			525,000			754,571
2028		5,312		36,570			330,000			371,882
Beyond 5 Years		7,956		106,092			2,150,000			2,264,048
Unamortized debt premium/(discount) and issuance costs		—		(8,814	)		(26,058	)		(34,872	)
Total	$	47,868		690,371			3,678,942			4,417,181

(1)

Includes unsecured public and private debt and unsecured credit facilities.

(2)

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