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Mortgages and Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Consolidated Mortgages and Notes Payable
Our mortgages and notes payable consisted of the following:
December 31,
20212020
Secured indebtedness (1):
4.27% (3.61% effective rate) mortgage loan due 2028 (2)
$115,731 $— 
4.00% mortgage loan due 202991,318 93,350 
3.61% (3.19% effective rate) mortgage loan due 2029 (3)
84,973 — 
3.40% (3.50% effective rate) mortgage loan due 2033 (4)
69,422 — 
4.60% (3.73% effective rate) mortgage loan due 2037 (5)
130,498 — 
491,942 93,350 
Unsecured indebtedness:
3.20% (3.363% effective rate) notes due 2021 (6)
— 149,901 
3.625% (3.752% effective rate) notes due 2023 (7)
249,726 249,464 
3.875% (4.038% effective rate) notes due 2027 (8)
297,934 297,534 
4.125% (4.271% effective rate) notes due 2028 (9)
347,449 347,035 
4.20% (4.234% effective rate) notes due 2029 (10)
349,288 349,189 
3.050% (3.079% effective rate) notes due 2030 (11)
399,204 399,106 
2.600% (2.645% effective rate) notes due 2031 (12)
398,579 398,423 
Variable rate term loan due 2022 (13)
200,000 200,000 
Revolving credit facility due 2025 (14)
70,000 — 
2,312,180 2,390,652 
Less-unamortized debt issuance costs(15,207)(13,981)
Total mortgages and notes payable, net$2,788,915 $2,470,021 
__________
(1)Our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $727.8 million at December 31, 2021. We paid down $3.8 million of secured loan balances through principal amortization during 2021.
(2)Net of unamortized fair market value premium of $3.9 million as of December 31, 2021.
(3)Net of unamortized fair market value premium of $2.3 million as of December 31, 2021.
(4)Net of unamortized fair market value discount of $0.6 million as of December 31, 2021.
(5)Net of unamortized fair market value premium of $10.0 million as of December 31, 2021.
(6)Net of unamortized original issuance discount of $0.1 million as of December 31, 2020. This debt was repaid in 2021.
(7)Net of unamortized original issuance discount of $0.3 million and $0.5 million as of December 31, 2021 and 2020, respectively.
(8)Net of unamortized original issuance discount of $2.1 million and $2.5 million as of December 31, 2021 and 2020, respectively.
(9)Net of unamortized original issuance discount of $2.6 million and $3.0 million as of December 31, 2021 and 2020, respectively.
(10)Net of unamortized original issuance discount of $0.7 million and $0.8 million as of December 31, 2021 and 2020, respectively.
(11)Net of unamortized original issuance discount of $0.8 million and $0.9 million as of December 31, 2021 and 2020, respectively.
(12)Net of unamortized original issuance discount of $1.4 million and $1.6 million as of December 31, 2021 and 2020, respectively.
(13)As more fully described in Note 7, we entered into floating-to-fixed interest rate swaps that effectively fix LIBOR for $50.0 million of this loan through January 2022. Accordingly, the equivalent fixed rate of this amount is 2.79%. The interest rate on the remaining $150.0 million was 1.20% at December 31, 2021.
(14)The interest rate was 1.00% at December 31, 2021.
Schedule of Long-term Debt Instruments
The following table sets forth scheduled future principal payments, including amortization, due on our mortgages and notes payable at December 31, 2021:
Years Ending December 31,Amount
2022$206,524 
2023257,059 
20247,365 
202577,176 
20266,911 
Thereafter2,249,087 
Less-unamortized debt issuance costs(15,207)
$2,788,915