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Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
Bank Line of Credit and Term Loan
On May 23, 2019, the Company executed a $2.5 billion unsecured revolving line of credit facility (the “Revolving Facility”), which matures on May 23, 2023 and contains two six-month extension options, subject to certain customary conditions. Borrowings under the Revolving Facility accrue interest at LIBOR plus a margin that depends on credit ratings of the Company’s senior unsecured long-term debt. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on those credit ratings at June 30, 2021, the margin on the Revolving Facility was 0.83% and the facility fee was 0.15%. At June 30, 2021 and December 31, 2020, the Company had no balance outstanding under the Revolving Facility.
In May 2019, the Company also entered into a $250 million unsecured term loan facility, which the Company fully drew down during the second quarter of 2019 (the “2019 Term Loan” and, together with the Revolving Facility, the “Facilities”). The 2019 Term Loan matures on May 23, 2024. Based on credit ratings for the Company’s senior unsecured long-term debt at June 30, 2021, the 2019 Term Loan accrues interest at a rate of LIBOR plus 0.90%, with a weighted average effective interest rate of 1.09%.
In July 2021, the Company repaid the $250 million outstanding balance on the 2019 Term Loan.
The Facilities include a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million, subject to securing additional commitments. The Facilities also contain certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreements: (i) limit the ratio of Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60%; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40%; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise Unencumbered Asset Value to 60%; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a minimum Consolidated Tangible Net Worth of $7.0 billion. At June 30, 2021, the Company believes it was in compliance with each of these restrictions and requirements of the Facilities.
Commercial Paper Program
In September 2019, the Company established an unsecured commercial paper program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured short-term debt securities with varying maturities. Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time. In April 2021, the Company increased the maximum aggregate face or principal amount that can be outstanding at any one time from $1.0 billion to $1.25 billion. Amounts borrowed under the Commercial Paper Program will be sold on terms that are customary for the U.S. commercial paper market and will be at least equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. The Company uses its Revolving Facility as a liquidity backstop for the repayment of unsecured short-term debt securities issued under the Commercial Paper Program. At June 30, 2021, the Company had $720 million of securities outstanding under the Commercial Paper Program, with original maturities of approximately one month and a weighted average interest rate of 0.24%. At December 31, 2020, the Company had $130 million of securities outstanding under the Commercial Paper Program, with original maturities of approximately one month and a weighted average interest rate of 0.30%.
Senior Unsecured Notes
At June 30, 2021, the Company had senior unsecured notes outstanding with an aggregate principal balance of $3.75 billion. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at June 30, 2021.
The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the six months ended June 30, 2021 (dollars in thousands):
Payoff DateAmountCoupon RateMaturity Year
May 19, 2021(1)
$251,806 3.40 %2025
May 19, 2021(1)
298,194 4.00 %2025
February 26, 2021(2)
188,000 4.25 %2023
February 26, 2021(2)
149,000 4.20 %2024
February 26, 2021(2)
331,000 3.88 %2024
January 28, 2021(2)
112,000 4.25 %2023
January 28, 2021(2)
201,000 4.20 %2024
January 28, 2021(2)
469,000 3.88 %2024
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(1)Upon repurchasing a portion of the 3.40% and 4.00% senior unsecured notes due 2025, the Company recognized a $61 million loss on debt extinguishment.
(2)Upon completing the repurchases and redemptions of all outstanding 4.25%, 4.20%, and 3.88% senior unsecured notes due 2023 and 2024, the Company recognized a $164 million loss on debt extinguishment.
There were no senior unsecured notes issuances during the six months ended June 30, 2021.
In July 2021, the Company completed its inaugural green bond offering. The net proceeds from the offering were allocated to the Company’s previous acquisition of Cambridge Discovery Park, completed in December 2020 (see Note 4), which has received LEED Gold certification and qualifies as an eligible green project. However, the Company may choose to allocate or re-allocate net proceeds to one more other eligible green projects. The senior unsecured notes were issued and the proceeds were received on July 12, 2021 as follows (dollars in thousands):
Issue DateAmountCoupon RateMaturity Year
July 12, 2021$450,000 1.35 %2027
The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the year ended December 31, 2020 (dollars in thousands):
Payoff DateAmountCoupon RateMaturity Year
July 9, 2020(1)
$300,000 3.15 %2022
June 24, 2020(2)
250,000 4.25 %2023
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(1)Upon completing the redemption of all outstanding 3.15% senior unsecured notes due 2022, the Company recognized an $18 million loss on debt extinguishment.
(2)Upon repurchasing a portion of the 4.25% senior unsecured notes due 2023, the Company recognized a $26 million loss on debt extinguishment.

The following table summarizes the Company’s senior unsecured notes issuances during the year ended December 31, 2020 (dollars in thousands):
Issue DateAmountCoupon RateMaturity Year
June 23, 2020$600,000 2.88 %2031
Mortgage Debt
At June 30, 2021 and December 31, 2020, the Company had $356 million and $217 million, respectively, in aggregate principal of mortgage debt outstanding (excluding mortgage debt on assets held for sale and discontinued operations), which was secured by 19 and 6 healthcare facilities, respectively, with an aggregate carrying value of $845 million and $517 million, respectively.
Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets, and is non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires insurance on the assets, and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets.
During the three and six months ended June 30, 2021, the Company made aggregate principal repayments of mortgage debt of $1 million and $3 million, respectively (excluding mortgage debt on assets held for sale and discontinued operations). During the three and six months ended June 30, 2020, the Company made aggregate principal repayments of mortgage debt of $1 million and $2 million, respectively (excluding mortgage debt on assets held for sale and discontinued operations).
In April 2021, in conjunction with the acquisition of the MOB Portfolio, the Company issued $142 million of secured mortgage debt (see Note 4) with a weighted average effective interest rate of 2.60% that matures in May 2026.
Debt Maturities
The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 2021 (in thousands):
Senior Unsecured
Notes(3)
Mortgage
Debt(4)
YearBank Line of
Credit
Commercial Paper(1)
Term Loan(2)
AmountInterest RateAmountInterest RateTotal
2021$— $— $— $— — %$10,159 4.86 %$10,159 
2022— — — — — %4,843 3.80 %4,843 
2023— 720,000 — — — %89,874 3.80 %809,874 
2024— — 250,000 — — %3,050 3.80 %253,050 
2025— — — 800,000 3.93 %3,209 3.80 %803,209 
Thereafter— — — 2,950,000 3.68 %244,889 3.07 %3,194,889 
 — 720,000 250,000 3,750,000 356,024 5,076,024 
(Discounts), premium and debt costs, net— — (697)(39,028)2,077 (37,648)
 — 720,000 249,303 3,710,972 358,101 5,038,376 
Debt on assets held for sale and discontinued operations(5)
— — — — 37,069 37,069 
$— $720,000 $249,303 $3,710,972 $395,170 $5,075,445 
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(1)Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility.
(2)As of June 30, 2021, the Company had $250 million outstanding on the 2019 Term Loan, which was scheduled to mature on May 23, 2024. In July 2021, the Company repaid the $250 million outstanding balance on the 2019 Term Loan.
(3)Effective interest rates on the senior unsecured notes range from 3.10% to 6.91% with a weighted average effective interest rate of 3.75% and a weighted average maturity of 8 years. In July 2021, the Company issued $450 million aggregate principal amount of 1.35% senior unsecured notes due 2027 in its inaugural green bond offering.
(4)Excluding mortgage debt on assets classified as held for sale and discontinued operations, effective interest rates on the mortgage debt range from 2.42% to 5.91% with a weighted average effective interest rate of 3.28% and a weighted average maturity of 4 years.
(5)Represents mortgage debt on an asset held for sale reported in discontinued operations with an interest rate of 3.87% that matures in 2025.