Debt of the Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2020

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


		Contractual Interest Rate	Effective Interest Rate as of December 31, 2020	December 31, 2020				December 31, 2019
Indebtedness	Stated Maturity Date			Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2013 Mortgage Loans
Senior note	5/2023	3.81%	4.14%	$	174,693	$	180,807	$	181,443	$	184,618
Mezzanine A	5/2023	7.38%	7.55%	70,000		71,925		70,000		70,525
Mezzanine B	5/2023	11.50%	11.75%	32,000		33,040		32,000		32,320
Total 2013 Mortgage Loans				276,693		285,772		283,443		287,463

Senior Unsecured Notes
Series A notes	1/2026	4.68%	4.77%	200,000		231,000		200,000		217,750
Series B notes	1/2029	4.86%	4.92%	400,000		475,000		400,000		439,000
Series C notes	1/2030	4.10%	4.15%	350,000		400,750		350,000		366,625
Series D notes(7)	1/2031	1.62%	1.66%	488,640		488,640		—		—
Series E notes(8)	1/2033	1.65%	1.69%	427,560		427,560		—		—
Total Senior Unsecured Notes				1,866,200		2,022,950		950,000		1,023,375

2020 Senior Unsecured Term loan Tranche A-1(1)	3/2025	L+0.95%	1.45%	325,000		323,375		—		—
2020 Senior Unsecured Term loan Tranche A-2 (2)(6)	3/2025	C+0.95%	1.55%	196,325		195,343		—		—
Total 2020 Senior Unsecured Term Loan A Facility (4)				521,325		518,718		—		—

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

Total principal amount of indebtedness				2,664,218		2,827,440		1,708,443		1,783,463
Less deferred financing costs				(15,952)		n/a		(12,996)		n/a
Total indebtedness, net of unamortized deferred financing costs (3)				$	2,648,266	$	2,827,440	$	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 December 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 December 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 December 31, 2020.

(7)The Senior Unsecured Notes Series D is denominated in Euros and aggregates to €400.0 million. The carrying value in the table above is the US dollar equivalent as of December 31, 2020.

(8)The Senior Unsecured Notes Series E is denominated in Euros and aggregates to €350.0 million. The carrying value in the table above is the US dollar equivalent as of December 31, 2020.

Schedule of aggregate maturities of total indebtedness

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


Years Ending December 31:	(In thousands)
2021	$	7,034
2022	7,312
2023	262,347
2024	—
2025	521,325
Thereafter	1,866,200
Aggregate principal amount of debt	2,664,218
Less unamortized deferred financing costs	(15,952)
Total debt net of deferred financing costs	$	2,648,266

Schedule of special purpose separateness

Each of the Company’s legal entities listed in the table below is a special purpose, bankruptcy remote entity, meaning that such entity’s assets and credit are not available to satisfy the debt and other obligations of either the Company or any of its other affiliates.


Legal Entity/SPE						Related Obligation
ART Mortgage Borrower Propco 2013 LLC						2013 Mortgage Notes
ART Mortgage Borrower Opco 2013 LLC