	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2020		2019
Notes payable:
Fixed rate mortgage loans	10/1/2036	4.3%	4.0%	$	272,749	$	342,020
Variable rate mortgage loans ⁽¹⁾	6/2/2027	2.8%	2.9%		146,046		148,389
Fixed rate unsecured public and private debt	3/15/2049	3.8%	4.0%		3,239,609		2,944,752
Total notes payable				$	3,658,404		3,435,161
Unsecured credit facilities:
Line of Credit ⁽²⁾	3/23/2022	1.0%	1.4%	$	—	$	220,000
Term Loan⁽³⁾	1/5/2022	2.0%	2.1%		264,680		264,383
Total unsecured credit facilities				$	264,680		484,383
Total debt outstanding				$	3,923,084		3,919,544

Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may be repaid before maturity, but could be subject to yield maintenance premiums, and are generally due in monthly installments of principal and interest or interest only. Unsecured public debt may be repaid before maturity subject to accrued and unpaid interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is payable semi-annually.

The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2020, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt.

At December 31, 2020, the Company had an unsecured line of credit commitment (the “Line”) and an unsecured term loan (the “Term Loan”) under separate credit agreements with a syndicate of banks.

At December 31, 2020, the Line had a borrowing capacity of $1.25 billion, which is reduced by the balance of outstanding borrowings and commitments from issued letters of credit. The Line bears interest at a variable rate of LIBOR plus 0.875% and is subject to a commitment fee of 0.15%, both of which are based on the Company's corporate credit rating.

On February 9, 2021, the Company entered into an Amended and Restated Credit Agreement, which among other items, i) retains a borrowing capacity of $ 1.25 billion, ii) includes a $125 million sublimit for swingline loans and $50 million available for issuance of letters of credits, iii) extends the maturity date to March 23, 2025 and iv) includes an option to extend the maturity date for two six-month periods. The existing financial covenants under the Line remained unchanged.

The Term Loan bears interest at a variable rate based on LIBOR plus 0.95% and has an interest rate swap in place to fix the interest rate at 2.0%, as discussed further in note 10. During January 2021, the Company repaid in full the $265 million Term Loan, and settled its related interest rate swap, as discussed in Note 10.

The Company is required to comply with certain financial covenants as defined in the Line and Term Loan credit agreements, such as Ratio of Indebtedness to Total Asset Value (“TAV”), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31, 2020, the Company is in compliance with all financial covenants for the Line and Term Loan.

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

(in thousands)	December 31, 2020
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities ₍₁₎				Total
2021	$	11,598	$	31,562	$	—				43,160
2022		11,797		5,848		265,000		⁽²⁾		282,645
2023		10,124		65,724		—				75,848
2024		5,301		90,744		250,000				346,045
2025		4,207		40,000		250,000				294,207
Beyond 5 Years		17,505		121,303		2,775,000				2,913,808
Unamortized debt premium/(discount) and issuance costs		—		3,082		(35,711	)			(32,629	)
Total notes payable	$	60,532		358,263		3,504,289				3,923,084

The Company has $31.6 million of debt maturing over the next twelve months, which is in the form of non-recourse mortgage loans. The Company currently intends to repay the maturing balances and leave the properties unencumbered. The Company has sufficient capacity on its Line to repay the maturing debt, if necessary.