Notes Payable and Unsecured Credit Facilities

3 Months Ended

Mar. 31, 2020

Notes Payable and Unsecured Credit Facilities

5.	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, 2020		December 31, 2019
Notes payable:
Fixed rate mortgage loans	4.4%	3.9%	$	351,914		342,020
Variable rate mortgage loans ⁽¹⁾	3.1%	3.2%		148,057		148,389
Fixed rate unsecured debt	3.9%	4.0%		2,945,429		2,944,752
Total notes payable				3,445,400		3,435,161
Unsecured credit facilities:
Line of Credit (the "Line") ⁽²⁾	2.5%	2.7%		705,000		220,000
Term loans	2.0%	2.1%		264,457		264,383
Total unsecured credit facilities				969,457		484,383
Total debt outstanding			$	4,414,857		3,919,544

⁽¹⁾

Includes six mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to fix the interest rates. The effective fixed rates of the loans range from 2.5% 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 2020 includes:

•

During March, the Company borrowed an additional $500 million on its Line to enhance its financial liquidity and to provide financial flexibility to continue its business initiatives amid the evolving effects of the COVID-19 pandemic. The Line provides the Company with total borrowing capacity of $1.25 billion and a maturity date subject to two additional six-month extensions at the Company’s election.

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

(in thousands)	March 31, 2020
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities ⁽¹⁾			Total
2020 ⁽²⁾	$	8,671		35,250		—			43,921
2021		11,598		74,101		—			85,699
2022		11,797		5,848		1,270,000			1,287,645
2023		10,124		59,374		—			69,498
2024		5,301		90,742		250,000			346,043
Beyond 5 Years		21,712		161,303		2,425,000			2,608,015
Unamortized debt premium/(discount) and issuance costs		—		4,150		(30,114	)		(25,964	)
Total	$	69,203		430,768		3,914,886			4,414,857

⁽¹⁾

Includes unsecured public and private debt and unsecured credit facilities.

⁽²⁾

Reflects scheduled principal payments for the remainder of the year.

The Company was in compliance as of March 31, 2020 with the financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities, and expects to remain in compliance.