XML 45 R31.htm IDEA: XBRL DOCUMENT v3.21.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Schedule of outstanding borrowings
The Company’s outstanding indebtedness as of June 30, 2021 and December 31, 2020 was as follows (in thousands):
June 30, 2021December 31, 2020
IndebtednessStated Maturity DateContractual Interest Rate
Effective Interest Rate as of June 30, 2021
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
2013 Mortgage Loans
Senior note
5/20233.81%4.14%$171,197 $177,189 $174,693 $180,807 
Mezzanine A
5/20237.38%7.55%70,000 71,925 70,000 71,925 
Mezzanine B
5/202311.50%11.75%32,000 33,040 32,000 33,040 
Total 2013 Mortgage Loans
273,197 282,154 276,693 285,772 
Senior Unsecured Notes
Series A notes
1/20264.68%4.77%200,000 224,000 200,000 231,000 
Series B notes
1/20294.86%4.92%400,000 465,000 400,000 475,000 
Series C notes
1/20304.10%4.15%350,000 389,375 350,000 400,750 
Series D notes(5)
1/20311.62%1.67%474,281 471,356 488,640 488,640 
Series E notes(6)
1/20331.65%1.70%415,030 411,398 427,560 427,560 
Total Senior Unsecured Notes
1,839,311 1,961,129 1,866,200 2,022,950 
2020 Senior Unsecured Term Loan Tranche A-1(1)
3/2025
L+0.95%
1.42%125,000 124,063 325,000 323,375 
2020 Senior Unsecured Term Loan Tranche A-2(2)(4)
3/2025
C+0.95%
1.51%201,650 200,138 196,325 195,343 
Total 2020 Senior Unsecured Term Loan A Facility
326,650 324,201 521,325 518,718 
2020 Senior Unsecured Revolving Credit Facility-1(3)(7)
3/2024
C+0.85%
1.34%44,363 44,363 $— $— 
2020 Senior Unsecured Revolving Credit Facility-2(3)(8)(9)
3/2024
G+0.85%
1.07%94,742 94,742 — — 
Total 2020 Senior Unsecured Revolving Credit Facility$139,105 $139,105 $— $— 
Total principal amount of indebtedness$2,578,263 $2,706,589 $2,664,218 $2,827,440 
Less: unamortized deferred financing costs
(11,994)n/a(15,952)n/a
Total indebtedness, net of unamortized deferred financing costs
$2,566,269 $2,706,589 $2,648,266 $2,827,440 
(1) L = one-month LIBOR.
(2) C = one-month CDOR.
(3) The Company has the option to extend the 2020 Senior Unsecured Revolving Credit Facility up to two times for a six-month period each.
(4) 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 June 30, 2021.
(5) 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 June 30, 2021.
(6) 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 June 30, 2021.
(7) The Senior Unsecured Revolving Credit Facility Draw 1 as of June 30, 2021, is denominated in CAD and aggregates to CAD $55.0 million. The carrying value in the table above is the US dollar equivalent as of June 30, 2021.
(8) The Senior Unsecured Revolving Credit Facility Draw 2 as of June 30, 2021, is denominated in GBP and aggregates to GBP $68.5 million. The carrying value in the table above is the US dollar equivalent as of June 30, 2021.
(9) G = one-month GBP LIBOR.
Schedule of aggregate maturities of total indebtedness
The aggregate maturities of the Company’s total indebtedness as of June 30, 2021, including amortization of principal amounts due under the mortgage notes, for each of the next five years and thereafter, are as follows:
As of June 30, 2021:
(In thousands)
June 30, 2022
$7,129
June 30, 2023
405,134
June 30, 2024
—
June 30, 2025
326,650 
June 30, 2026
200,000
Thereafter
1,639,350
Aggregate principal amount of debt
2,578,263
Less unamortized deferred financing costs
(11,994)
Total debt net of unamortized deferred financing costs
$2,566,269