Notes Payable and Revolving Lines of Credit (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Components of Notes Payable

The components of notes payable are summarized as follows:

Notes Payable	December 31, 2020		December 31, 2019		Fixed Rate	Variable Rate	Basis Rate (2)	Maturity Dates
Secured fixed rate notes payable (1)	$	1,112,220	$	1,365,408	2.53% - 5.85%			February 2021 - February 2030
Secured variable rate notes payable (1)	1,081,551		878,093			1.39% - 2.20%	Libor plus 1.3% - 2.0%	April 2021 - August 2028
Unsecured fixed rate notes payable	2,525,000		2,052,521		2.80% - 4.39%			October 2023 - October 2030
Unsecured variable rate notes payable	100,000		47,480			1.04%	Libor plus 0.9%	Dec 2021
Total	4,818,771		4,343,502
Less: unamortized debt issuance costs	(21,468)		(24,529)
Total	$	4,797,303	$	4,318,973
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) 30-day USD LIBOR

Schedule of Information on Lines of Credit

At December 31, 2020, the terms of the credit agreement originally entered into on October 14, 2016 (the "Credit Agreement") and amended and restated on December 7, 2018, July 1, 2019, and December 20, 2019, are as follows:

	Debt Capacity		Maturity Date
Revolving Credit Facility	$	650,000	January 2023
Tranche 1 Term Loan Facility (1)	480,000		January 2024
Tranche 2 Term Loan Facility (1)	220,000		October 2023
Tranche 3 Term Loan Facility (1)	245,000		January 2025
Tranche 4 Term Loan Facility (1)	255,000		June 2026
	$	1,850,000

(1) The term loan amounts have been fully drawn as of December 31, 2020.

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, 2020
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Origination Date	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	102,000	$	140,000	1.6%	6/4/2010	7/1/2021	LIBOR plus 1.45%
Credit Line 2 (3)(4)	487,000		650,000		1.0%	12/7/2018	1/29/2023	LIBOR plus 0.9%
Credit Line 3 (4)(5)	$	360,000	$	400,000	1.5%	6/17/2020	6/17/2021	LIBOR plus 1.2%
	$	949,000	$	1,190,000
(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, 2020. Rate is subject to change based on our investment grade rating.
(5) Unsecured. One twelve-month extension available.

Schedule of Maturities of Notes Payable

The following table summarizes the scheduled maturities of notes payable, excluding available extensions, at December 31, 2020:

2021	$	459,557
2022	584,865
2023	762,925
2024	705,153
2025	524,827
Thereafter	1,781,444
	$	4,818,771