Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of Senior Notes Issuances

The following table summarizes the Company’s senior unsecured notes repurchases and redemptions during the nine months ended September 30, 2021 (dollars in thousands):

Payoff Date	Amount		Coupon Rate		Maturity 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 during the nine months ended September 30, 2021.

(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 during the nine months ended September 30, 2021.

The senior unsecured notes were issued and the proceeds were received on July 12, 2021 as follows (dollars in thousands):

Issue Date	Amount		Coupon Rate		Maturity 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 Date	Amount		Coupon Rate		Maturity 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 during the three and nine months ended September 30, 2020.

(2)Upon repurchasing a portion of the 4.25% senior unsecured notes due 2023, the Company recognized a $26 million loss on debt extinguishment during the nine months ended September 30, 2020.

The following table summarizes the Company’s senior unsecured notes issuances during the year ended December 31, 2020 (dollars in thousands):

Issue Date	Amount		Coupon Rate		Maturity Year
June 23, 2020	$	600,000	2.88	%	2031

Summary of Debt Maturities and Schedule Principal Repayments

The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2021 (dollars in thousands):

					Senior Unsecured Notes(2)				Mortgage Debt(3)
Year	Bank Line of Credit		Commercial Paper(1)		Amount		Interest Rate		Amount		Interest Rate		Total
2021	$	—	$	—	$	—	—	%	$	8,731	4.86	%	$	8,731
2022	—		—		—		—	%	4,843		3.80	%	4,843
2023	—		—		—		—	%	89,874		3.80	%	89,874
2024	—		—		—		—	%	3,050		3.80	%	3,050
2025	—		—		800,000		3.93	%	3,209		3.80	%	803,209
Thereafter	—		1,024,000		3,400,000		3.39	%	244,889		3.12	%	4,668,889
	—		1,024,000		4,200,000				354,596				5,578,596
(Discounts), premium and debt costs, net	—		—		(42,166)				1,974				(40,192)
	$	—	$	1,024,000	$	4,157,834			$	356,570			$	5,538,404

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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)Effective interest rates on the senior unsecured notes range from 1.54% to 6.91% with a weighted average effective interest rate of 3.51% and a weighted average maturity of 7 years.

(3)Effective interest rates on the mortgage debt range from 2.50% to 5.91% with a weighted average effective interest rate of 3.31% and a weighted average maturity of 4 years.