Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of outstanding borrowings

The Company’s outstanding indebtedness as of March 31, 2020 and December 31, 2019 is as follows (in thousands):

				March 31, 2020					December 31, 2019
Indebtedness	Stated Maturity Date	Contractual Interest Rate	Effective Interest Rate as of March 31, 2020	Carrying Amount			Estimated Fair Value		Carrying Amount			Estimated Fair Value
2013 Mortgage Loans
Senior note	5/2023	3.81%	4.14%	$	179,770		$	180,670	$	181,443		$	184,618
Mezzanine A	5/2023	7.38%	7.55%	70,000			69,650		70,000			70,525
Mezzanine B	5/2023	11.50%	11.75%	32,000			31,840		32,000			32,320
Total 2013 Mortgage Loans				281,770			282,160		283,443			287,463
Senior Unsecured Notes
Series A 4.68% notes due 2026	1/2026	4.68%	4.77%	200,000			210,000		200,000			217,750
Series B 4.86% notes due 2029	1/2029	4.86%	4.92%	400,000			414,500		400,000			439,000
Series C 4.10% notes due 2030	1/2030	4.10%	4.15%	350,000			343,875		350,000			366,625
Total Senior Unsecured Notes				950,000			968,375		950,000			1,023,375
2020 Senior Unsecured Term Loan Tranche A-1(1)	03/2025	L+0.95%	2.83%	425,000			424,469		—			—
2020 Senior Unsecured Term Loan Tranche A-2(2)(6)	03/2025	C+0.95%	2.76%	177,075			176,854		—			—
Total 2020 Senior Unsecured Term Loan A Facility(4)				602,075			601,323		—			—
2018 Senior Unsecured Term Loan A Facility(1)(4)	01/2023	L+1.00%	3.14%	—			—		475,000			472,625
Total principal amount of indebtedness				$	1,833,845		$	1,851,858	$	1,708,443		$	1,783,463
Less: deferred financing costs				(14,976		)	n/a		(12,996		)	n/a
Total indebtedness, net of unamortized deferred financing costs(3)				$	1,818,869		$	1,851,858	$	1,695,447		$	1,783,463
2020 Senior Unsecured Revolving Credit Facility(3)(5)	03/2024	L+0.85%	0.20%	$	—		$	—	N/A			N/A
2018 Senior Unsecured Revolving Credit Facility(1) (3)	01/2021	L+0.90%	0.36%	N/A			N/A		$	—		$	—

⁽¹⁾ L = one-month LIBOR.

⁽²⁾ C = one-month CDOR.

⁽³⁾ During the first quarter of 2020, the Company refinanced its Senior Unsecured Credit Facility. As such, the 2020 Senior Unsecured Revolving Credit Facility was in effect as of March 31, 2020 and the 2018 Senior Unsecured Revolving Credit Facility was in effect as of December 31, 2019. The above disclosure reflects N/A for the reporting date that the respective instrument was not in effect.

⁽⁴⁾ During the first quarter of 2020, the Company refinanced its Senior Unsecured Term Loan A. As such, the 2020 Senior Unsecured Term Loan A Facility was in effect as of March 31, 2020 and the 2018 Senior Unsecured Term Loan A Facility was in effect as of December 31, 2019.

⁽⁵⁾ The Company has the option to extend the 2020 Senior Unsecured Revolving Credit Facility up to two times for a six-month period each.

⁽⁶⁾ The 2020 Senior Unsecured Term Loan Tranche A-2 is denominated in Canadian dollars and aggregates to CAD $250.0 million. The carrying value in the table above is the US dollar equivalent as of March 31, 2020.

Schedule of aggregate maturities of total indebtedness

The aggregate maturities of the Company’s total indebtedness as of March 31, 2020, including amortization of principal amounts due under the mortgage notes, for each of the next five years and thereafter, are as follows:

As of March 31, 2020:	(In thousands)
March 31, 2021	$	6,833
March 31, 2022	7,102
March 31, 2023	7,381
March 31, 2024	260,454
March 31, 2025	602,075
Thereafter	950,000
Aggregate principal amount of debt	1,833,845
Less unamortized deferred financing costs	(14,976		)
Total debt net of unamortized deferred financing costs	$	1,818,869