Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Senior Notes Issuances

The following table summarizes the Company’s senior unsecured notes issuances during the nine months ended September 30, 2020 (dollars in thousands):

Issue Date	Amount		Coupon Rate		Maturity Date
June 23, 2020	$	600,000	2.88	%	2031

The following table summarizes the Company’s senior unsecured notes payoffs and repurchases during the nine months ended September 30, 2020 (dollars in thousands):

Payoff Date	Amount		Coupon Rate		Maturity Date
July 9, 2020(1)	$	300,000	3.15	%	2022
June 24, 2020(2)	$	250,000	4.25	%	2023

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(1)Upon completing the redemption of the 3.15% senior unsecured notes due in 2022, the Company recognized an $18 million loss on debt extinguishment.

(2)Upon repurchasing a portion of the 4.25% senior unsecured notes due in 2023, the Company recognized a $26 million loss on debt extinguishment.

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

Issue Date	Amount		Coupon Rate		Maturity Date
November 21, 2019	$	750,000	3.00	%	2030
July 5, 2019	$	650,000	3.25	%	2026
July 5, 2019	$	650,000	3.50	%	2029

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

Payoff Date	Amount		Coupon Rate		Maturity Date
November 21, 2019(1)	$	350,000	4.00	%	2022
July 22, 2019(2)	$	800,000	2.63	%	2020
July 8, 2019(2)	$	250,000	4.00	%	2022
July 8, 2019(2)	$	250,000	4.25	%	2023

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(1)Upon repurchasing the 4.00% senior unsecured notes due in 2022, the Company recognized a $22 million loss on debt extinguishment.

(2)Upon completing the redemption of the 2.63% senior unsecured notes due in 2020 and repurchasing a portion of the 4.25% senior unsecured notes due in 2023 and the 4.00% senior unsecured notes due in 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 September 30, 2020 (in thousands):

Year	Bank Line of Credit		Commercial Paper		Term Loan		Senior Unsecured Notes(1)		Mortgage Debt(2)		Total
2020 (three months)	$	—	$	—	$	—	$	—	$	1,884	$	1,884
2021	—		—		—		—		15,004		15,004
2022	—		—		—		—		7,215		7,215
2023	—		—		—		300,000		92,365		392,365
2024	—		—		250,000		1,150,000		5,652		1,405,652
Thereafter	—		—		—		4,300,000		298,672		4,598,672
	—		—		250,000		5,750,000		420,792		6,420,792
(Discounts), premium and debt costs, net	—		—		(878)		(54,433)		14,414		(40,897)
	—		—		249,122		5,695,567		435,206		6,379,895
Debt on assets held for sale(3)	—		—		—		—		77,222		77,222
	$	—	$	—	$	249,122	$	5,695,567	$	512,428	$	6,457,117

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(1)Effective interest rates on the senior notes range from 3.08% to 6.87% with a weighted average effective interest rate of 3.86% 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 1.23% to 5.91% with a weighted average effective interest rate of 3.62% and a weighted average maturity of 7 years.

(3)Represents mortgage debt on assets held for sale with interest rates of 1.23% and 3.45% that mature in 2027 and 2044, respectively.