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Unsecured Credit Agreements (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Debt Issuance Cost Amortization

The following table summarizes debt issuance cost and original issuance discount amortization:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Debt issuance costs and original issuance discount amortization	$	900	$	956	$	1,756	$	1,870

Unsecured Debt

Debt Instrument [Line Items]

Summary of Unsecured Credit Agreements

The following table summarizes the Company's unsecured credit agreements:


	Outstanding Balance
(in thousands, except interest rates)	June 30, 2022			December 31, 2021			Interest Rate	Maturity Date
Unsecured revolving credit facility	$	320,657		$	102,000		Applicable reference rate + 0.85% (a) (b) (c)	Mar. 2026
Unsecured term loans:
2022 Unsecured Term Loan		—			60,000		one-month LIBOR + 1.00% (c)	Feb. 2022 (d)
2024 Unsecured Term Loan		190,000			190,000		one-month LIBOR + 1.00% (c)	Jun. 2024
2026 Unsecured Term Loan		400,000			400,000		one-month LIBOR + 1.00% (c)	Feb. 2026
Total unsecured term loans		590,000			650,000
Unamortized debt issuance costs, net		(2,902	)		(3,329	)
Total unsecured term loans, net		587,098			646,671
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A		150,000			150,000		4.84%	Apr. 2027
2028 Senior Unsecured Notes - Series B		225,000			225,000		5.09%	Jul. 2028
2030 Senior Unsecured Notes - Series C		100,000			100,000		5.19%	Jul. 2030
2031 Senior Unsecured Public Notes		375,000			375,000		2.60%	Sep. 2031
Total senior unsecured notes		850,000			850,000
Unamortized debt issuance costs and original issuance discount, net		(5,822	)		(6,199	)
Total senior unsecured notes, net		844,178			843,801
Total unsecured debt, net	$	1,751,933		$	1,592,472

(a)

At June 30, 2022, a balance of $243.0 million was subject to the one-month Secured Overnight Financing Rate of 1.69%. The remaining balance includes $100 million CAD borrowings remeasured to $77.7 million USD, which was subject to the one-month Canadian Dollar Offered Rate of 2.23%.

(b)

At December 31, 2021, interest rate was one-month LIBOR plus 1.00%

(c)

At June 30, 2022 and December 31, 2021, one-month LIBOR was 1.79% and 0.10%, respectively.

(d)

The 2022 Unsecured Term Loan was paid in full in February 2022, with borrowings from the unsecured revolving credit facility.

- 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

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+ Details