Notes Payable and Unsecured Credit Facilities

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Notes Payable and Unsecured Credit Facilities

5. Notes Payable and Unsecured Credit Facilities

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:

(in thousands)	Weighted Average Contractual Rate	Weighted Average Effective Rate	June 30, 2022		December 31, 2021
Notes payable:
Fixed rate mortgage loans	4.0%	3.5%	$	353,635		359,414
Variable rate mortgage loans (1)	3.3%	3.6%		137,563		115,539
Fixed rate unsecured debt	3.8%	4.0%		3,246,182		3,243,991
Total notes payable				3,737,380		3,718,944
Unsecured credit facilities:
Line of Credit (the "Line") (2)	2.0%	2.3%		—		—
Total debt outstanding			$	3,737,380		3,718,944

(1)Five of these six variable rate loans, representing $132.6 million of debt, have interest rate swaps in place to mitigate the interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five 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.

Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:

(in thousands)	June 30, 2022
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities (1)			Total
2022 (2)	$	5,660		5,848		—			11,508
2023		9,695		59,376		—			69,071
2024		4,849		90,742		250,000			345,591
2025		3,732		45,000		250,000			298,732
2026		3,922		112,365		200,000			316,287
Beyond 5 Years		6,661		138,234		2,575,000			2,719,895
Unamortized debt premium/(discount) and issuance costs		—		5,114		(28,818	)		(23,704	)
Total	$	34,519		456,679		3,246,182			3,737,380

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

(2)Reflects scheduled principal payments for the remainder of the year.

The Company was in compliance as of June 30, 2022, with all financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities, and expects to remain in compliance thereafter.