Unsecured Term Loans and Revolving Line of Credit (Tables)

6 Months Ended

Jun. 30, 2018

Summary of term loans and revolving line of credit

The following table summarizes the Company’s unsecured notes payable:



		June 30, 2018					December 31, 2017
Unsecured Notes Payable	Maturity Date	Principal Balance			Interest Rate/ Weighted Average Interest Rate		Principal Balance			Interest Rate/ Weighted Average Interest Rate
Senior notes – 4.12% due 2021	June 30, 2021	$	100,000		4.12	%	$	100,000		4.12	%
Senior notes – 4.58% due 2024	June 30, 2024	150,000			4.58	%	150,000			4.58	%
Senior notes – 4.00% due 2025	March 15, 2025	250,000			4.00	%	250,000			4.00	%
Senior notes – 4.08% due 2026	September 30, 2026	100,000			4.08	%	100,000			4.08	%
Senior notes – 4.24% due 2028	December 28, 2028	100,000			4.24	%	100,000			4.24	%
		700,000			4.19	%	700,000			4.19	%
Discount, net of accumulated amortization		(793		)			(853		)
Capitalized loan fees, net of accumulated amortization		(3,152		)			(3,399		)
	Total	$	696,055				$	695,748

The following table summarizes the Company’s term loans and revolving line of credit:



		June 30, 2018					December 31, 2017
	Maturity Date	Balance			Interest Rate		Balance			Interest Rate
Unsecured credit facility term loan due 2021 – fixed rate (a)	January 5, 2021	$	250,000		3.20	%	$	250,000		3.30	%
Unsecured credit facility term loan due 2018 – variable rate	May 11, 2018	—			—	%	100,000			2.93	%
Unsecured term loan due 2023 – fixed rate (b)	November 22, 2023	200,000			2.96	%	200,000			2.96	%
Subtotal		450,000					550,000
Capitalized loan fees, net of accumulated amortization		(2,417		)			(2,730		)
Term loans, net		$	447,583				$	547,270

Unsecured credit facility revolving line of credit – variable rate (c)	April 22, 2022	$	126,000		3.14	%	$	216,000		2.92	%


(a)	$250,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 2.00% plus a credit spread based on a leverage grid through January 5, 2021. As of June 30, 2018, the leverage grid ranged from 1.20% to 1.70% and the applicable credit spread was 1.20%. As of December 31, 2017, the leverage grid ranged from 1.30% to 2.20% and the applicable credit spread was 1.30%.


(b)	$200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.26% plus a credit spread based on a leverage grid ranging from 1.70% to 2.55% through November 22, 2018. The applicable credit spread was 1.70% as of June 30, 2018 and December 31, 2017.


(c)	Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying condensed consolidated balance sheets.

Summary of unsecured credit facility

The following table summarizes the key terms of the Unsecured Credit Facility:

Leverage-Based Pricing

Investment Grade Pricing

Unsecured Credit Facility

Maturity Date

Extension Option

Extension Fee

Credit Spread

Facility Fee

Credit Spread

Facility Fee

$250,000 unsecured term loan

1/5/2021

N/A

1.20% - 1.70%

N/A

0.90% - 1.75%

N/A

$850,000 unsecured revolving line of credit

4/22/2022

2 six month

0.075%

1.05% - 1.50%

0.15% - 0.30%

0.825%-1.55%

0.125% - 0.30%

Summary of Term Loan Due 2023

The following table summarizes the Company’s mortgages payable:



	June 30, 2018						December 31, 2017
	Aggregate Principal Balance			Weighted Average Interest Rate		Weighted Average Years to Maturity	Aggregate Principal Balance			Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate mortgages payable (a)	$	274,420		5.00	%	4.6	$	287,238		4.99	%	5.2
Premium, net of accumulated amortization	900						1,024
Discount, net of accumulated amortization	(558		)				(579		)
Capitalized loan fees, net of accumulated amortization	(495		)				(615		)
Mortgages payable, net	$	274,267					$	287,068


(a)	The fixed rate mortgages had interest rates ranging from 3.75% to 8.00% as of June 30, 2018 and December 31, 2017.

The following table summarizes the key terms of the Term Loan Due 2023:

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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+ Details

Term Loan Due 2023

Maturity Date

Leverage-Based Pricing
Credit Spread

Investment Grade Pricing
Credit Spread

$200,000 unsecured term loan

1.70% – 2.55%

1.50% – 2.45%