Borrowings (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The following table summarizes the Company’s outstanding debt as of March 31, 2020 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Variable rate revolving credit facility	$	100,000			1.7	%	5/20/2023
Variable rate commercial paper program		—			—			—
Fixed rate senior notes		3,472,000			3.9	%	7/19/2026
Variable rate term loan		300,000			2.5	%	3/1/2022
Debt issuance costs, discounts, premiums and fair market value adjustments		(12,960	)
Total unsecured debt	$	3,859,040			3.7	%
Secured debt
Fixed rate property mortgages	$	628,077			4.5	%	4/17/2037
Debt issuance costs and fair market value adjustments		(3,424	)
Total secured debt	$	624,653			4.5	%
Total outstanding debt	$	4,483,693			3.8	%