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Notes Payable and Revolving Lines of Credit (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of Components of Notes Payable
The components of notes payable are summarized as follows:
Notes Payable
December 31, 2017
 
December 31, 2016
 
Fixed Rate
 
Variable Rate
 
Basis Rate (2)
 
Maturity Dates
Secured fixed rate notes payable (1)
$
2,095,495

 
$
2,297,968

 
2.6% - 6.1%
 
 
 
 
 
September 2018 - February 2030
Secured variable rate notes payable (1)
717,979

 
642,970

 
 
 
3.0% - 3.4%
 
LIBOR plus 1.4% - 1.8%
 
September 2018 - December 2024
Unsecured fixed rate notes payable
600,000

 
—

 
3.1% - 4.0%
 
 
 
 
 
October 2021 - August 2027
Unsecured variable rate notes payable
350,000

 
300,000

 
 
 
2.8% - 3.2%
 
LIBOR plus 1.3% - 1.7%
 
October 2021 - October 2023
Total
3,763,474

 
3,240,938

 
 
 
 
 
 
 
 
Less: unamortized debt issuance costs
(24,977
)
 
(27,350
)
 
 
 
 
 
 
 
 
Total
$
3,738,497

 
$
3,213,588

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) 30-day USD LIBOR
 
 
 
 
 
 
 
 
 
 
 
Schedule of Maturities of Notes Payable
The following table summarizes the scheduled maturities of notes payable at December 31, 2017:
 
 
2018
$
210,085

2019
456,117

2020
930,308

2021
658,146

2022
493,493

Thereafter
1,015,325

 
$
3,763,474
Schedule of Information on Lines of Credit
The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated:
 
As of December 31, 2017
 
 
 
 
 
 
Revolving Lines of Credit
Amount Drawn
 
Capacity
 
Interest Rate
 
Origination Date
 
Maturity
 
Basis Rate (1)
Credit Line 1 (2)
$
19,000

 
$
100,000

 
3.2%
 
6/4/2010
 
6/30/2018
 
LIBOR plus 1.7%
Credit Line 2 (3)(4)
75,000

 
500,000

 
3.0%
 
10/14/2016
 
10/14/2020
 
LIBOR plus 1.4%
 
$
94,000

 
$
600,000

 
 
 
 
 
 
 
 
(1) 30-day USD LIBOR
(2) Secured by mortgages on certain real estate assets. One two-year extension available.
(3) Unsecured. Two six-month extensions available.
(4) Basis Rate as of December 31, 2017. Rate is subject to change based on our consolidated leverage ratio.