Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Distributions:  On January 20, 2020, the Company’s Board of Directors declared a distribution per share of $0.47 which was paid on February 14, 2020 to all common stockholders of record as of January 30, 2020.  At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 8).

January 2020 Bond Offering:  In January 2020, the Operating Partnership closed a $400 million offering of senior unsecured notes under its existing shelf registration.  These 10-year notes were issued at 99.81% of par value with a coupon of 2.85% and are fully and unconditionally guaranteed by the Company.  Interest on the notes is payable semi-annually on February 1 and August 1, with the first payment due and payable on August 1, 2020. The notes will mature on February 1, 2030. Net proceeds from the sale of the senior unsecured notes totaled approximately $394.3 million. The Company used the proceeds to fund the early redemption of its $400 million 3.35% Senior Notes due October 2020. The prepayment resulted in approximately $4.8 million in debt extinguishment costs incurred during the first quarter of 2020.

Purchase of Noncontrolling Interests: In January and February 2020, the Company exercised its option to purchase the remaining ownership interest in two owned properties, held in a joint venture as part of the Core Transaction, for a total of approximately $76.8 million.

Property Held For Sale: In February 2020, management determined that all criteria for Held for Sale classification (per Accounting Standards Codification Topic 360, “Property, Plant and Equipment”) have been met for one owned property. As of December 31, 2019, the net book value of the property was $97.9 million.