Notes Payable and Unsecured Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs

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

(in thousands)	Weighted Average Contractual Rate	Weighted Average Effective Rate	March 31, 2021		December 31, 2020
Notes payable:
Fixed rate mortgage loans	4.2%	4.0%	$	265,835		272,750
Variable rate mortgage loans ⁽¹⁾	2.8%	2.9%		145,702		146,046
Fixed rate unsecured debt	3.8%	4.0%		3,240,705		3,239,609
Total notes payable				3,652,242		3,658,405
Unsecured credit facilities:
Line of Credit (the "Line")⁽²⁾	1.0%	1.4%		—		—
Term loan ⁽³⁾	2.0%	2.1%		—		264,679
Total unsecured credit facilities				—		264,679
Total debt outstanding			$	3,652,242		3,923,084

⁽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 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)	March 31, 2021
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities ⁽¹⁾			Total
2021 ⁽²⁾	$	8,504		36,604		—			45,108
2022		11,389		5,848		—			17,237
2023		9,695		65,725		—			75,420
2024		4,849		90,742		250,000			345,591
2025		3,732		40,000		250,000			293,732
Beyond 5 Years		10,583		120,969		2,775,000			2,906,552
Unamortized debt premium/(discount) and issuance costs		—		2,897		(34,295	)		(31,398	)
Total	$	48,752		362,785		3,240,705			3,652,242

⁽¹⁾

Includes unsecured public and private debt and unsecured credit facilities.

⁽²⁾

Reflects scheduled principal payments for the remainder of the year.