Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of Senior Notes Issuances

During the three months ended March 31, 2020 and 2019, the Company had no senior unsecured note issuances or payoffs.

The following table summarizes the Company’s senior unsecured notes issuances during the year ended December 31, 2019 (dollars in thousands):

Date	Amount		Coupon Rate		Maturity Date
November 21, 2019	$	750,000	3.000	%	2030
July 5, 2019	$	650,000	3.250	%	2026
July 5, 2019	$	650,000	3.500	%	2029

The following table summarizes the Company’s senior unsecured notes payoffs during the year ended December 31, 2019 (dollars in thousands):

Date	Amount		Coupon Rate		Maturity Date
November 21, 2019(1)	$	350,000	4.000	%	2022
July 22, 2019(2)	$	800,000	2.625	%	2020
July 8, 2019(2)	$	250,000	4.000	%	2022
July 8, 2019(2)	$	250,000	4.250	%	2023

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(1) The Company recognized a $22 million loss on debt extinguishment related to the repurchase of senior notes.

(2)

Upon completing the redemption of the 2.625% senior unsecured notes due February 2020 and repurchasing a portion of the 4.250% senior unsecured notes due 2023 and the 4.000% senior unsecured notes due 2022, the Company recognized a $35 million loss on debt extinguishment.

Summary of Debt Maturities and Schedule Principal Repayments

The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2020 (in thousands):

Year	Bank Line of Credit		Commercial Paper		Term Loan			Senior Unsecured Notes(1)			Mortgage Debt(2)		Total
2020 (nine months)	$	—	$	—	$	—		$	—		$	6,202	$	6,202
2021	—		—		—			—			16,165		16,165
2022	—		—		—			300,000			8,417		308,417
2023	—		—		—			550,000			93,609		643,609
2024	—		—		250,000			1,150,000			6,939		1,406,939
Thereafter	—		—		—			3,700,000			340,925		4,040,925
	—		—		250,000			5,700,000			472,257		6,422,257
(Discounts), premium and debt costs, net	—		—		(998		)	(49,947		)	17,792		(33,153		)
	—		—		249,002			5,650,053			490,049		6,389,104
Debt on assets held for sale(3)	—		—		—			—			27,837		27,837
	$	—	$	—	$	249,002		$	5,650,053		$	517,886	$	6,416,941

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(1) Effective interest rates on the senior notes range from 3.14% to 6.87% with a weighted average effective interest rate of 3.94% and a weighted average maturity of 7 years.

(2) Excluding mortgage debt on assets held for sale, effective interest rates on the mortgage debt range from 2.16% to 5.91% with a weighted average effective interest rate of 3.91% and a weighted average maturity of 9 years.

(3)

Represents mortgage debt on assets held for sale with an interest rate of 3.45% and maturity in 2044.