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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Senior Unsecured Notes
The following table summarizes the Company’s senior unsecured notes issuances for the periods presented (dollars in thousands):
Issue DateAmountCoupon RateMaturity Date
Year ended December 31, 2020:
June 23, 2020$600,000 2.88 %2031
Year ended December 31, 2019:
November 21, 2019$750,000 3.00 %2030
July 5, 2019$650,000 3.25 %2026
July 5, 2019$650,000 3.50 %2029
There were no senior unsecured notes issuances for the year ended December 31, 2018.
Summary of Senior Unsecured Notes Payoffs
The following table summarizes the Company’s senior unsecured notes payoffs and repurchases for the periods presented (dollars in thousands):
Payoff DateAmountCoupon RateMaturity Date
Year ended December 31, 2020:
July 9, 2020(1)
$300,000 3.15 %2022
June 24, 2020(2)
$250,000 4.25 %2023
Year ended December 31, 2019:
November 21, 2019(3)
$350,000 4.00 %2022
July 22, 2019(4)
$800,000 2.63 %2020
July 8, 2019(4)
$250,000 4.00 %2022
July 8, 2019(4)
$250,000 4.25 %2023
Year ended December 31, 2018:  
November 8, 2018$450,000 3.75 %2019
July 16, 2018(5)
$700,000     5.38 %2021
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(1)Upon completing the redemption of the 3.15% senior unsecured notes due in 2022, the Company recognized an $18 million loss on debt extinguishment.
(2)Upon repurchasing a portion of the 4.25% senior unsecured notes due in 2023, the Company recognized a $26 million loss on debt extinguishment.
(3)Upon repurchasing the 4.00% senior unsecured notes due in 2022, the Company recognized a $22 million loss on debt extinguishment.
(4)Upon completing the redemption of the 2.63% senior unsecured notes due in 2020 and repurchasing a portion of the 4.25% senior unsecured notes due in 2023 and the 4.00% senior unsecured notes due in 2022, the Company recognized a $35 million loss on debt extinguishment.
(5)Upon repurchasing the 5.38% senior unsecured notes due in 2021, the Company recognized a $44 million loss on debt extinguishment.
Summary of Stated Debt Maturities and Scheduled Principal Repayments
The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2020 (in thousands):
Senior Unsecured Notes(1)
Mortgage Debt(2)
Year Bank Line of Credit Commercial PaperTerm LoanAmountInterest RateAmountInterest RateTotal
2021$— $129,590 $— $— — %$13,015 5.26 %$142,605 
2022— — — — — %4,843 — %4,843 
2023— — — 300,000 4.37 %89,874 3.80 %389,874 
2024— — 250,000 1,150,000 4.17 %3,050 — %1,403,050 
2025— — — 1,350,000 3.93 %3,209 — %1,353,209 
Thereafter— — — 2,950,000 3.67 %102,789 3.57 %3,052,789 
 — 129,590 250,000 5,750,000 216,780 6,346,370 
(Discounts), premium and debt costs, net— — (818)(52,414)4,841 (48,391)
 — 129,590 249,182 5,697,586 221,621 6,297,979 
Debt on assets held for sale and discontinued operations(3)
— — — — 318,876 318,876 
$— $129,590 $249,182 $5,697,586 $540,497 $6,616,855 
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(1)Effective interest rates on the senior notes range from 3.08% to 6.87% with a weighted average effective interest rate of 3.86% and a weighted average maturity of 7 years.
(2)Excluding mortgage debt on assets classified as held for sale and discontinued operations, effective interest rates on the mortgage debt range from 3.42% to 5.91% with a weighted average effective interest rate of 3.73% and a weighted average maturity of 5 years.
(3)Represents mortgage debt on assets held for sale and discontinued operations with interest rates of 1.34% to 5.13% that mature between 2025 and 2044.