Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

Essex does not have indebtedness as debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of the facilities.

Debt consists of the following ($ in thousands):

	June 30, 2021			December 31, 2020			Weighted Average Maturity In Years as of June 30, 2021
Unsecured bonds private placement - fixed rate	$	—		$	199,950		0.0
Term loan - variable rate	99,941			549,380			0.6
Bonds public offering - fixed rate	5,303,933			4,858,655			9.2
Unsecured debt, net (1)	5,403,874			5,607,985
Lines of credit (2)	85,000			—
Mortgage notes payable, net (3)	641,274			643,550			9.0
Total debt, net	$	6,130,148		$	6,251,535
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering	3.3		%	3.4		%
Weighted average interest rate on variable rate term loan	1.1		%	1.7		%
Weighted average interest rate on lines of credit	1.0		%	1.0		%
Weighted average interest rate on mortgage notes payable	2.6		%	2.7		%

(1) Includes unamortized discount of $10.9 million and $10.1 million and unamortized debt issuance costs of $35.2 million and $31.9 million, as of June 30, 2021 and December 31, 2020, respectively.

(2) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of June 30, 2021, excludes unamortized debt issuance costs of $3.0 million and $3.7 million as of June 30, 2021 and December 31, 2020, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of June 30, 2021, 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 June 30, 2021, 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 2023.

(3) Includes total unamortized premium of $3.2 million and $3.9 million, reduced by unamortized debt issuance costs of $1.6 million and $1.8 million, as of June 30, 2021 and December 31, 2020, respectively.

The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of June 30, 2021 are as follows ($ in thousands):

Remaining in 2021	$	1,774
2022	143,188
2023	302,945
2024	403,109
2025	633,054
Thereafter	4,605,629
Total	$	6,089,699