XML 25 R13.htm IDEA: XBRL DOCUMENT v3.21.2
Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
The Company’s outstanding indebtedness as of September 30, 2021 and December 31, 2020 was as follows (in thousands):
September 30, 2021December 31, 2020
IndebtednessStated Maturity DateContractual Interest Rate
Effective Interest Rate as of September 30, 2021
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
2013 Mortgage Loans
Senior note
5/20233.81%4.14%$169,415 $174,497 $174,693 $180,807 
Mezzanine A
5/20237.38%7.55%70,000 71,750 70,000 71,925 
Mezzanine B
5/202311.50%11.75%32,000 32,880 32,000 33,040 
Total 2013 Mortgage Loans
271,415 279,127 276,693 285,772 
Senior Unsecured Notes
Series A notes
1/20264.68%4.77%200,000 220,500 200,000 231,000 
Series B notes
1/20294.86%4.92%400,000 455,000 400,000 475,000 
Series C notes
1/20304.10%4.15%350,000 385,000 350,000 400,750 
Series D notes(5)
1/20311.62%1.67%463,200 454,515 488,640 488,640 
Series E notes(6)
1/20331.65%1.70%405,300 399,727 427,560 427,560 
Total Senior Unsecured Notes
1,818,500 1,914,742 1,866,200 2,022,950 
2020 Senior Unsecured Term Loan Tranche A-1(1)
3/2025
L+0.95%
1.41%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%197,124 195,646 196,325 195,343 
Total 2020 Senior Unsecured Term Loan A Facility
322,124 319,709 521,325 518,718 
2020 Senior Unsecured Revolving Credit Facility-1(2)(3)(7)
3/2024
C+0.85%
1.91%43,368 43,260 — — 
2020 Senior Unsecured Revolving Credit Facility-2(3)(8)(9)
3/2024
SONIA+0.85%
1.53%92,296 92,065 — — 
2020 Senior Unsecured Revolving Credit Facility-3(1)(3)
3/2024
L+0.85%
1.56%170,000 169,575 — — 
Total 2020 Senior Unsecured Revolving Credit Facility$305,664 $304,900 $— $— 
Total principal amount of indebtedness$2,717,703 $2,818,478 $2,664,218 $2,827,440 
Less: unamortized deferred financing costs
(11,446)n/a(15,952)n/a
Total indebtedness, net of unamortized deferred financing costs
$2,706,257 $2,818,478 $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 September 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 September 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 September 30, 2021.
(7) The Senior Unsecured Revolving Credit Facility Draw 1 as of September 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 September 30, 2021.
(8) The Senior Unsecured Revolving Credit Facility Draw 2 as of September 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 September 30, 2021.
(9) SONIA = Sterling Overnight Interbank Average Rate.
There have been no new debt agreements entered into during 2021. However, on January 29, 2021, we executed an amendment to our existing Senior Unsecured Revolving Credit Facility which expanded our revolving credit facility borrowing capacity by $200 million to $1 billion. Other terms associated with the credit facility, such as the interest rate, fees, and maturity, remained unchanged. In tandem with the amendment, we repaid $200 million of our Term Loan A Tranche A-1 facility. Refer to our 2020 Form 10-K and below for details regarding our debt instruments.
Debt Covenants

Our Senior Unsecured Credit Facilities, the Senior Unsecured Notes and 2013 Mortgage Loans all require financial statement reporting, periodic reporting of compliance with financial covenants, other established thresholds and performance measurements, and compliance with affirmative and negative covenants that govern our allowable business practices. The affirmative and negative covenants include, among others, continuation of insurance, maintenance of collateral (in the case of the 2013 Mortgage Loans), the maintenance of REIT status, and restrictions on our ability to enter into certain types of transactions or take on certain exposures. As of September 30, 2021, we were in compliance with all debt covenants.
Loss on debt extinguishment, modifications and termination of derivative instruments
In the first quarter of 2021, the Company repaid $200 million of principal on the Senior Unsecured Term Loan A Facility and recorded $2.9 million to “Loss on debt extinguishment, modifications and termination of derivative instruments” in the accompanying Condensed Consolidated Statements of Operations, representing the write-off of unamortized deferred financing costs. Additionally, the Company recorded a reclassification from other comprehensive income to earnings to “Loss on debt extinguishment, modification, and termination of derivative instruments” related to the amortization of the portion deferred following the termination of interest rate swaps related to the Senior Unsecured Term Loan A Facility.