Notes Payable and Unsecured Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2019

The Company’s outstanding debt consisted of the following:

(in thousands)	Weighted Average Contractual Rate	Weighted Average Effective Rate	June 30, 2019		December 31, 2018
Notes payable:
Fixed rate mortgage loans	4.5%	4.0%	$	344,963		403,306
Variable rate mortgage loans ⁽¹⁾	3.5%	3.6%		127,018		127,850
Fixed rate unsecured public and private debt	4.0%	4.4%		2,522,514		2,475,322
Total notes payable				2,994,495		3,006,478
Unsecured credit facilities:
Line of Credit (the "Line") ⁽²⁾	3.4%	3.6%		120,000		145,000
Term loans	2.4%	2.5%		563,970		563,734
Total unsecured credit facilities				683,970		708,734
Total debt outstanding			$	3,678,465		3,715,212

⁽¹⁾ Includes five mortgages whose interest rates vary 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⁾ Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance.

Schedule of maturities of long-term debt

As of June 30, 2019, scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:

(in thousands)	June 30, 2019
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities ⁽¹⁾			Total
2019 ⁽²⁾	$	4,924		—		—			4,924
2020		11,287		39,074		300,000			350,361
2021		11,599		76,251		—			87,850
2022		11,798		5,848		685,000			702,646
2023		10,077		59,375		—			69,452
Beyond 5 Years		27,013		209,846		2,250,000			2,486,859
Unamortized debt premium/(discount) and issuance costs		—		4,890		(28,517	)		(23,627	)
Total	$	76,698		395,284		3,206,483			3,678,465

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

⁽²⁾ Reflects scheduled principal payments for the remainder of the year.