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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Senior Unsecured Notes
The following table summarizes the Company’s senior unsecured notes issuances, including the green bond offerings discussed above, for the periods presented (dollars in thousands):
Issue DateAmountCoupon RateMaturity Date
Year ended December 31, 2021:
November 24, 2021$500,000 2.13 %2028
July 12, 2021450,000 1.35 %2027
Year ended December 31, 2020:
June 23, 2020600,000 2.88 %2031
Year ended December 31, 2019:
November 21, 2019750,000 3.00 %2030
July 5, 2019650,000 3.25 %2026
July 5, 2019650,000 3.50 %2029
Summary of Senior Unsecured Notes Payoffs
The following table summarizes the Company’s senior unsecured notes repurchases and redemptions for the periods presented (dollars in thousands):
Payoff DateAmountCoupon RateMaturity Date
Year ended December 31, 2021:
May 19, 2021(1)
$251,806 3.40 %2025
May 19, 2021(1)
298,194 4.00 %2025
February 26, 2021(2)
188,000 4.25 %2023
February 26, 2021(2)
149,000 4.20 %2024
February 26, 2021(2)
331,000 3.88 %2024
January 28, 2021(2)
112,000 4.25 %2023
January 28, 2021(2)
201,000 4.20 %2024
January 28, 2021(2)
469,000 3.88 %2024
Year ended December 31, 2020:
July 9, 2020(3)
300,0003.15 %2022
June 24, 2020(4)
250,0004.25 %2023
Year ended December 31, 2019:  
November 21, 2019(5)
350,0004.00 %2022
July 22, 2019(6)
800,0002.63 %2020
July 8, 2019(6)
250,0004.00 %2022
July 8, 2019(6)
250,0004.25 %2023
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(1)Upon repurchasing a portion of the 3.40% and 4.00% senior unsecured notes due 2025, the Company recognized a $61 million loss on debt extinguishment during the year ended December 31, 2021.
(2)Upon completing the repurchases and redemptions of all outstanding 4.25%, 4.20%, and 3.88% senior unsecured notes due 2023 and 2024, the Company recognized a $164 million loss on debt extinguishment during the year ended December 31, 2021.
(3)Upon completing the redemption of all outstanding 3.15% senior unsecured notes due 2022, the Company recognized an $18 million loss on debt extinguishment during the year ended December 31, 2020.
(4)Upon repurchasing a portion of the 4.25% senior unsecured notes due 2023, the Company recognized a $26 million loss on debt extinguishment during the year ended December 31, 2020.
(5)Upon repurchasing the 4.00% senior unsecured notes due in 2022, the Company recognized a $22 million loss on debt extinguishment during the year ended December 31, 2019.
(6)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 $35 million loss on debt extinguishment during the year ended December 31, 2019.
Summary of Stated Debt Maturities and Scheduled Principal Repayments
The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2021 (dollars in thousands):
Senior Unsecured Notes(2)
Mortgage Debt(3)
Year Bank Line of Credit
Commercial Paper(1)
AmountInterest RateAmountInterest RateTotal
2022$— $— $— — %$5,048 3.80 %$5,048 
2023— — — — %90,089 3.80 %90,089 
2024— — — — %7,024 3.81 %7,024 
2025— — 800,000 3.93 %3,209 3.80 %803,209 
2026— 1,165,975 650,000 3.39 %244,523 3.11 %2,060,498 
Thereafter— — 3,250,000 3.24 %366 5.91 %3,250,366 
 — 1,165,975 4,700,000 350,259 6,216,234 
Premiums, (discounts), and debt issuance costs, net— — (48,067)1,822 (46,245)
$— $1,165,975 $4,651,933 $352,081 $6,169,989 
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(1)Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility.
(2)Effective interest rates on the senior unsecured notes range from 1.54% to 6.91% with a weighted average effective interest rate of 3.39% and a weighted average maturity of 7 years.
(3)Effective interest rates on the mortgage debt range from 2.59% to 5.91% with a weighted average effective interest rate of 3.31% and a weighted average maturity of 4 years.