Notes Payable and Unsecured Credit Facilities

The Company’s outstanding debt consists of the following:



	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	2018		2017
Notes payable:
Fixed rate mortgage loans	10/1/2036	4.8%	4.3%	$	403,306	520,193
Variable rate mortgage loans ⁽¹⁾	6/2/2027	3.5%	3.7%	127,850		125,866
Fixed rate unsecured public and private debt	2/1/2047	4.0%	4.4%	2,475,322		2,325,656
Total notes payable				$	3,006,478	2,971,715
Unsecured credit facilities:
Line of Credit ⁽²⁾	3/23/2022	3.4%	3.5%	145,000		60,000
Term Loans	1/5/2022	2.4%	2.5%	563,734		563,262
Total unsecured credit facilities				$	708,734	623,262
Total debt outstanding				$	3,715,212	3,594,977

⁽¹⁾Includes five mortgages, whose interest varies on LIBOR based formulas. Three of these variable rate loans have interest rate swaps in place to fix the interest rates at a range of 2.8% to 4.1%.
⁽²⁾Maturity is subject to two six month extensions as the Company's option. The weighted average contractual and effective interest rates for the Line are calculated based on a fully drawn Line balance.

Notes Payable

Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may be prepaid, but could be subject to yield maintenance premiums, and are generally due in monthly installments of principal and interest or interest only. Unsecured public debt may be prepaid subject to accrued and unpaid interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is payable semi-annually.

The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2018, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt.

Unsecured Credit Facilities

The Company has an unsecured line of credit commitment (the "Line") and unsecured term loans (the "Term Loans") under separate credit agreements with a syndicate of banks.

The Line has a borrowing capacity of $1.25 billion, which is reduced by the balance of outstanding borrowings and commitments under outstanding letters of credit. The Line bears interest at a variable rate of LIBOR plus 0.875% and is subject to a commitment fee of 0.15%, both of which are based on the Company's corporate credit rating.

The Term Loans bear interest at a variable rate based on LIBOR plus 0.95% and have interest rate swaps in place to fix the interest, as discussed further in note 9.

The Company is required to comply with certain financial covenants as defined in the Line and Term Loan credit agreements, such as Ratio of Indebtedness to Total Asset Value ("TAV"), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31, 2018, management of the Company believes it is in compliance with all financial covenants for the Line and Term Loans.

Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:



(in thousands)	December 31, 2018
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities ⁽¹⁾		Total
2019	$	9,518	13,216	—		22,734
2020	11,287		78,580	300,000		389,867
2021	11,599		77,060	250,000		338,659
2022	11,798		5,848	710,000		727,646
2023	10,043		59,375	—		69,418
Beyond 5 Years	27,013		209,845	1,950,000		2,186,858
Unamortized debt premium/(discount) and issuance costs	—		5,974	(25,944	)	(19,970	)
Total notes payable	$	81,258	449,898	3,184,056		3,715,212

⁽¹⁾ Includes unsecured public and private debt and unsecured credit facilities.

The Company has $13.2 million of debt maturing over the next twelve months, which is in the form of a non-recourse mortgage loan. The Company currently intends to payoff the maturing balance and leave the property unencumbered. The Company has sufficient capacity on its Line to repay the maturing debt, if necessary.