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Notes Payable and Revolving Lines of Credit (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Components of Notes Payable
The components of notes payable are summarized as follows:
Notes Payable
December 31, 2019
 
December 31, 2018
 
Fixed Rate
 
Variable Rate
 
Basis Rate (2)
 
Maturity Dates
Secured fixed rate notes payable (1)
$
1,365,408

 
$
2,032,414

 
2.53% - 6.00%
 
 
 
 
 
September 2020 - February 2030
Secured variable rate notes payable (1)
878,093

 
834,835

 
 
 
3.01% - 3.31%
 
Libor plus 1.3% - 1.6%
 
April 2020 - August 2028
Unsecured fixed rate notes payable
2,052,521

 
990,000

 
2.80% - 4.39%
 
 
 
 
 
October 2023 - October 2029
Unsecured variable rate notes payable
47,480

 
310,000

 
 
 
2.76% - 3.31%
 
Libor plus 1.0% - 1.6%
 
January 2025 - June 2026
Total
4,343,502

 
4,167,249

 
 
 
 
 
 
 
 
Less: unamortized debt issuance costs
(24,529
)
 
(29,936
)
 
 
 
 
 
 
 
 
Total
$
4,318,973

 
$
4,137,313

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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, excluding available extensions, at December 31, 2019:
 
 
2020
$
568,431

2021
252,053

2022
150,796

2023
767,405

2024
712,972

Thereafter
1,891,845

 
$
4,343,502
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, 2019
 
 
 
 
 
 
Revolving Lines of Credit
Amount Drawn
 
Capacity
 
Interest Rate
 
Origination Date
 
Maturity
 
Basis Rate (1)
Credit Line 1 (2)
$
38,000

 
$
140,000

 
3.2%
 
6/4/2010
 
7/1/2021
 
LIBOR plus 1.45%
Credit Line 2 (3)(4)
120,000

 
650,000

 
2.7%
 
12/7/2018
 
1/29/2023
 
LIBOR plus 0.9%
 
$
158,000

 
$
790,000

 
 
 
 
 
 
 
 
(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, 2019. Rate is subject to change based on our investment grade rating.