Debt (Tables)

9 Months Ended

Sep. 30, 2020

The Company’s outstanding indebtedness as of September 30, 2020 and December 31, 2019 is as follows (in thousands):


				September 30, 2020				December 31, 2019
Indebtedness	Stated Maturity Date	Contractual Interest Rate	Effective Interest Rate as of September 30, 2020	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2013 Mortgage Loans
Senior note	5/2023	3.81%	4.14%	$	176,416	$	181,707	$	181,443	$	184,618
Mezzanine A	5/2023	7.38%	7.55%	70,000		71,575		70,000		70,525
Mezzanine B	5/2023	11.50%	11.75%	32,000		32,880		32,000		32,320
Total 2013 Mortgage Loans				278,416		286,162		283,443		287,463

Senior Unsecured Notes
Series A 4.68% notes due 2026	1/2026	4.68%	4.77%	200,000		230,000		200,000		217,750
Series B 4.86% notes due 2029	1/2029	4.86%	4.92%	400,000		476,000		400,000		439,000
Series C 4.10% notes due 2030	1/2030	4.10%	4.15%	350,000		401,625		350,000		366,625
Total Senior Unsecured Notes				950,000		1,107,625		950,000		1,023,375

2020 Senior Unsecured Term Loan Tranche A-1(1)	3/2025	L+0.95%	2.64%	425,000		420,750		—		—
2020 Senior Unsecured Term Loan Tranche A-2(2)(6)	3/2025	C+0.95%	1.57%	187,675		185,798		—		—
Total 2020 Senior Unsecured Term Loan A Facility(4)				612,675		606,548		—		—

2018 Senior Unsecured Term Loan A Facility(1)(4)	1/2023	L+1.00%	3.14%	—		—		475,000		472,625

Total principal amount of indebtedness				$	1,841,091	$	2,000,335	$	1,708,443	$	1,783,463
Less: unamortized deferred financing costs				(13,607)		n/a		(12,996)		n/a
Total indebtedness, net of unamortized deferred financing costs(3)				$	1,827,484	$	2,000,335	$	1,695,447	$	1,783,463

2020 Senior Unsecured Revolving Credit Facility(3)(5)	3/2024	L+0.85%	0.23%	$	—	$	—	N/A		N/A
2018 Senior Unsecured Revolving Credit Facility(1) (3)	1/2021	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 September 30, 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 September 30, 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 September 30, 2020.

Schedule of aggregate maturities of total indebtedness

The aggregate maturities of the Company’s total indebtedness as of September 30, 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 September 30, 2020:	(In thousands)
September 30, 2021	$	6,967
September 30, 2022	7,242
September 30, 2023	264,206
September 30, 2024	—
September 30, 2025	612,676
Thereafter	950,000
Aggregate principal amount of debt	1,841,091
Less unamortized deferred financing costs	(13,607)
Total debt net of unamortized deferred financing costs	$	1,827,484