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Notes Payable and Unsecured Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2022

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:


	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2022		2021
Notes payable:
Fixed rate mortgage loans	3/1/2032	3.9%	3.5%	$	342,135		359,414
Variable rate mortgage loans (1)	6/2/2027	3.4%	3.7%		136,246		115,539
Fixed rate unsecured debt	3/15/2049	3.8%	4.0%		3,248,373		3,243,991
Total notes payable					3,726,754		3,718,944
Unsecured credit facilities:
Line of Credit (2)	3/23/2025	5.0%	5.3%		—		—
Total debt outstanding				$	3,726,754		3,718,944

(1)

Five of these six variable rate loans, representing $132.1 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. With these swap agreements, the fixed rates of the 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 using the period end variable rate.

Schedule of Maturities of Long-term Debt

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


(in thousands)	December 31, 2022
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities (1)			Total
2023	$	9,695		59,383		—			69,078
2024		4,849		90,758		250,000			345,607
2025		3,732		44,250		250,000			297,982
2026		3,922		112,365		200,000			316,287
2027		3,788		137,915		525,000			666,703
Beyond 5 Years		2,873		319		2,050,000			2,053,192
Unamortized debt premium/(discount) and issuance costs		—		4,532		(26,627	)		(22,095	)
Total notes payable	$	28,859		449,522		3,248,373			3,726,754

(1)

Includes unsecured public and private debt and unsecured credit facilities.