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Unsecured Credit Agreements (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Debt Issuance Cost Amortization

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


	For the Three Months Ended March 31,
(in thousands)	2023		2022
Debt issuance costs and original issuance discount amortization	$	986	$	856

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)	March 31, 2023			December 31, 2022			Interest Rate	Maturity Date
Unsecured revolving credit facility	$	108,330		$	197,322		Applicable reference rate + 0.85% (a)	Mar. 2026
Unsecured term loans:
2026 Unsecured Term Loan		400,000			400,000		one-month LIBOR + 1.00% (b)	Feb. 2026
2027 Unsecured Term Loan		200,000			200,000		one-month adjusted SOFR + 0.95% (c)	Aug. 2027
2029 Unsecured Term Loan		300,000			300,000		one-month adjusted SOFR + 1.25% (c)	Aug. 2029
Total unsecured term loans		900,000			900,000
Unamortized debt issuance costs, net		(4,994	)		(5,308	)
Total unsecured term loans, net		895,006			894,692
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		(5,256	)		(5,445	)
Total senior unsecured notes, net		844,744			844,555
Total unsecured debt, net	$	1,848,080		$	1,936,569

(a)

At March 31, 2023 and December 31, 2022, a balance of $34.5 million and $123.5 million was subject to the one-month SOFR of 4.8% and 4.36%, respectively. The remaining balance includes $100 million CAD borrowings remeasured to $73.8 million USD, at March 31, 2023 and December 31, 2022, respectively, and was subject to the one-month CDOR of 4.95% and 4.74%, respectively.

(b)

At March 31, 2023 and December 31, 2022, one-month LIBOR was 4.86% and 4.39%, respectively.

(c)

At March 31, 2023 and December 31, 2022, one-month SOFR was 4.80% and 4.36%, respectively.

- 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