Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of debt and lines of credit

Debt consists of the following ($ in thousands):

	September 30, 2020			December 31, 2019			Weighted Average Maturity In Years as of September 30, 2020
Unsecured bonds private placement - fixed rate	$	199,917		$	199,820		0.7
Term loan - variable rate	549,138			349,189			1.8
Bonds public offering - fixed rate	5,158,750			4,214,197			9.1
Unsecured debt, net (1)	5,907,805			4,763,206
Lines of credit (2)	—			55,000
Mortgage notes payable, net (3)	702,379			990,667			9.3
Total debt, net	$	6,610,184		$	5,808,873
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering	3.5		%	3.8		%
Weighted average interest rate on variable rate term loan	1.7		%	2.7		%
Weighted average interest rate on lines of credit	1.0		%	2.5		%
Weighted average interest rate on mortgage notes payable	2.7		%	4.1		%

(1) Includes unamortized discount of $9.1 million and $12.2 million and unamortized debt issuance costs of $33.1 million and $24.5 million, as of September 30, 2020 and December 31, 2019, respectively.

(2) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of September 30, 2020, excludes unamortized debt issuance costs of $3.9 million and $3.8 million as of September 30, 2020 and December 31, 2019, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of September 30, 2020, the Company’s $1.2 billion credit facility had an interest rate of LIBOR plus 0.825%, which is based on a tiered rate structure tied to the Company’s credit ratings and a scheduled maturity date of December 2023 with one 18-month extension, exercisable at the Company’s option. As of September 30, 2020, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of LIBOR plus 0.825%, which is based on a tiered rate structure tied to the Company’s credit ratings, and a scheduled maturity date of February 2021.

(3) Includes total unamortized premium of $4.2 million and $5.9 million, reduced by unamortized debt issuance costs of $2.1 million and $2.6 million, as of September 30, 2020 and December 31, 2019, respectively.

Summary of aggregate scheduled principal payments

The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of September 30, 2020 are as follows ($ in thousands):

Remaining in 2020	$	1,000
2021	531,653
2022	393,188
2023	802,945
2024	403,109
Thereafter	4,518,383
Total	$	6,650,278