Indebtedness (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Indebtedness at December 31, 2019 and 2018 consists of the following (in thousands):

 

	Maturity Date	Weighted Average Interest Rate		Weighted Average Interest Rate
		2019		2018		2019		2018
Fixed rate secured debt	2021 to 2027	5.92	%	6.91	%	$	32,287	$	77,601
Variable rate secured debt	2025	1.39	%	1.72	%	1,900		2,200
Unsecured debt	2022 to 2029	3.71	%	3.92	%	2,900,000		2,575,000
Unsecured line of credit	2022	—	%	3.39	%	—		30,000
						$	2,934,187	$	2,684,801
Less: Deferred financing costs						19,422		26,300
Total indebtedness as reported on consolidated balance sheets						$	2,914,765	$	2,658,501

Unsecured Lines of Credit

Our unsecured line of credit at December 31, 2019 is described as follows (in thousands):

 

				Outstanding Balance at
Description	Borrowing Capacity		Maturity Date	December 31, 2019
Unsecured Line of Credit – Partnership	$	1,200,000	January 30, 2022	$	—

Fair Value, Liabilities Measured on a Recurring Basis, Disclosure Only

As all of our fair value debt disclosures relied primarily on Level 3 inputs, the following table summarizes the book value and changes in the fair value of our debt for the year ended December 31, 2019 (in thousands): 

	Book Value at 12/31/2018		Book Value at 12/31/2019		Fair Value at 12/31/2018		Issuances and Assumptions		Payments/Payoffs			Adjustments to Fair Value			Fair Value at 12/31/2019
Fixed rate secured debt	$	77,601	$	32,287	$	80,238	$	—	$	(45,215	)	$	(476	)	$	34,547
Variable rate secured debt	2,200		1,900		2,200		—		(300		)	—			1,900
Unsecured debt	2,575,000		2,900,000		2,549,963		575,000		(250,000		)	170,522			3,045,485
Unsecured line of credit	30,000		—		30,000		—		(30,000		)	—			—
Total	$	2,684,801	$	2,934,187	$	2,662,401	$	575,000	$	(325,515	)	$	170,046		$	3,081,932
Less: Deferred financing costs	26,300		19,422
Total indebtedness as reported on the consolidated balance sheets	$	2,658,501	$	2,914,765

Schedule of Maturities of Long-term Debt

At December 31, 2019, the scheduled amortization and maturities of all indebtedness, excluding fair value adjustment, for the next five years and thereafter were as follows (in thousands):

 

Year	Amount
2020	$	3,883
2021	12,463
2022	603,611
2023	253,817
2024	304,036
Thereafter	1,756,325
	$	2,934,135