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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Summary of Outstanding Debt

The following table summarizes the Company’s outstanding debt as of June 30, 2021 (dollars in thousands):

 

 

 

Balance

 

 

Weighted Average Effective Rate

 

 

Weighted Average Contract Maturity

Unsecured debt

 

 

 

 

 

 

 

 

 

 

Variable rate commercial paper program

 

$

280,000

 

 

 

0.2

%

 

7/4/2021

Fixed rate senior notes

 

 

3,922,000

 

 

 

3.6

%

 

1/27/2027

Debt issuance costs, discounts, premiums and fair market value adjustments

 

 

(14,708

)

 

 

 

 

 

 

Total unsecured debt

 

$

4,187,292

 

 

 

3.4

%

 

 

Secured debt

 

 

 

 

 

 

 

 

 

 

Fixed rate property mortgages

 

$

369,227

 

 

 

4.4

%

 

9/9/2048

Debt issuance costs

 

 

(3,282

)

 

 

 

 

 

 

Total secured debt

 

$

365,945

 

 

 

4.4

%

 

 

Total outstanding debt

 

$

4,553,237

 

 

 

3.5

%