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Notes Payable and Unsecured Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2024

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:


(in thousands)	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	September 30, 2024		December 31, 2023
Notes payable:
Fixed rate mortgage loans	6/1/2037	3.9%	4.4%	$	359,056		449,615
Variable rate mortgage loans (1)	1/31/2032	4.2%	4.3%		283,292		299,579
Fixed rate unsecured debt	3/15/2049	4.1%	4.3%		3,722,659		3,252,755
Total notes payable, net					4,365,007		4,001,949
Unsecured credit facilities:
$1.5 Billion Line of Credit (the "Line") (2)	3/23/2028	5.8%	6.1%		30,000		152,000
Total unsecured credit facilities					30,000		152,000
Total debt outstanding				$	4,395,007		4,153,949

(1)

As of September 30, 2024, 98.1% of the variable rate mortgage loans are fixed through interest rate swaps.

(2)

The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.

Schedule of Maturities of Long-term Debt

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


(in thousands)	September 30, 2024
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2024 (2)	$	2,461		30,315			—			32,776
2025		9,678		52,537			250,000			312,215
2026		9,920		147,849			200,000			357,769
2027		7,013		222,558			525,000			754,571
2028		5,312		36,570			330,000			371,882
Beyond 5 Years		7,956		118,086			2,475,000			2,601,042
Unamortized debt premium/(discount) and issuance costs		—		(7,907	)		(27,341	)		(35,248	)
Total	$	42,340		600,008			3,752,659			4,395,007

(1)

Includes unsecured public and private debt and unsecured credit facilities.

(2)

Reflects scheduled principal payments and maturities for the remainder of the year.