Notes Payable and Unsecured Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2017

The Company’s outstanding debt consisted of the following:



(in thousands)	Weighted Average Contractual Rate	Weighted Average Effective Rate	March 31, 2017			December 31, 2016
Notes payable:
Fixed rate mortgage loans	5.6%	5.7%	$	607,173		384,786
Variable rate mortgage loans	2.1%	2.3%	116,324		⁽¹⁾	86,969
Fixed rate unsecured public debt	4.1%	4.6%	2,025,705			892,170
Total notes payable			2,749,202			1,363,925
Unsecured credit facilities:
Line of Credit (the "Line") ⁽²⁾	1.8%	1.9%	95,000			15,000
Term loans	2.4%	2.4%	563,024			263,495
Total unsecured credit facilities			658,024			278,495
Total debt outstanding			$	3,407,226		1,642,420

⁽¹⁾ Includes five mortgages, whose interest rates vary on LIBOR based formulas. Three of these variable rate loans have interest rate swaps in place to fix the interest rates at a range of 2.8% to 3.7%.

⁽²⁾Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance.

Schedule of maturities of long-term debt

As of March 31, 2017, scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:



(in thousands)	March 31, 2017
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities ⁽¹⁾		Total
2017	$	8,824	75,511	—		84,335
2018	11,481		139,976	—		151,457
2019	11,251		124,402	95,000		230,653
2020	10,107		84,411	450,000		544,518
2021	9,193		39,001	250,000		298,194
Beyond 5 Years	41,308		154,998	1,915,000		2,111,306
Unamortized debt premium/(discount) and issuance costs	—		13,035	(26,272	)	(13,237	)
Total	$	92,164	631,334	2,683,728		3,407,226

⁽¹⁾ Includes unsecured public debt and unsecured credit facilities.