Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of outstanding borrowings

The Company’s outstanding indebtedness as of September 30, 2021 and December 31, 2020 was as follows (in thousands):

				September 30, 2021				December 31, 2020
Indebtedness	Stated Maturity Date	Contractual Interest Rate	Effective Interest Rate as of September 30, 2021	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2013 Mortgage Loans
Senior note	5/2023	3.81%	4.14%	$	169,415	$	174,497	$	174,693	$	180,807
Mezzanine A	5/2023	7.38%	7.55%	70,000		71,750		70,000		71,925
Mezzanine B	5/2023	11.50%	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	1/2026	4.68%	4.77%	200,000		220,500		200,000		231,000
Series B notes	1/2029	4.86%	4.92%	400,000		455,000		400,000		475,000
Series C notes	1/2030	4.10%	4.15%	350,000		385,000		350,000		400,750
Series D notes(5)	1/2031	1.62%	1.67%	463,200		454,515		488,640		488,640
Series E notes(6)	1/2033	1.65%	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.