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Debt of the Operating Partnership (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of outstanding borrowings
The Company’s outstanding indebtedness as of December 31, 2021 and 2020 is as follows:
Contractual Interest Rate
Effective Interest Rate as of December 31, 2021
December 31, 2021December 31, 2020
Indebtedness
Stated Maturity DateCarrying AmountEstimated Fair
Value		Carrying AmountEstimated Fair
Value
2013 Mortgage Loans
(in thousands)
Senior note
5/20233.81%4.14%$167,545 $170,503 $174,693 $180,807 
Mezzanine A
5/20237.38%7.55%70,000 70,875 70,000 71,925 
Mezzanine B
5/202311.50%11.75%32,000 32,560 32,000 33,040 
Total 2013 Mortgage Loans
269,545 273,938 276,693 285,772 
Chile Mortgages(12)
2022 - 20294.01%4.01%9,761 9,761 — — 
Senior Unsecured Notes
Series A notes
1/20264.68%4.77%200,000 217,500 200,000 231,000 
Series B notes
1/20294.86%4.92%400,000 454,000 400,000 475,000 
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%454,800 441,724 488,640 488,640 
Series E notes(6)
1/20331.65%1.70%397,950 388,499 427,560 427,560 
Total Senior Unsecured Notes
1,802,750 1,886,723 1,866,200 2,022,950 
2020 Senior Unsecured Term Loan Tranche A-1(1)
3/2025
L+0.95%
1.33%
175,000 173,688 325,000 323,375 
2020 Senior Unsecured Term Loan Tranche A-2 (2)(4)
3/2025
C+0.95%
1.55%
197,800 196,811 196,325 195,343 
Total 2020 Senior Unsecured Term Loan A Facility
372,800 370,499 521,325 518,718 
2020 Senior Unsecured Revolving Credit Facility-1(2)(3)(7)
3/2024
C+0.85%
1.83%43,516 43,407 — — 
2020 Senior Unsecured Revolving Credit Facility-2(3)(8)(9)
3/2024
SONIA
+0.85%
1.61%92,694 92,462 — — 
2020 Senior Unsecured Revolving Credit Facility-3(1)(3)
3/2024
L+0.85%
1.48%205,000 204,488 — — 
2020 Senior Unsecured Revolving Credit Facility-4(3)(10)(11)
3/2024
BBSW
+0.85%
1.45%58,104 57,959 — — 
Total 2020 Senior Unsecured Revolving Credit Facility
399,314 398,316 — — 
Total principal amount of indebtedness2,854,170 2,939,237 2,664,218 2,827,440 
Less deferred financing costs
(11,050)n/a(15,952)n/a
Total indebtedness, net of unamortized deferred financing costs (3)
$2,843,120 $2,939,237 $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 December 31, 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 December 31, 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 December 31, 2021.
(7) The Senior Unsecured Revolving Credit Facility Draw 1 as of December 31, 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 December 31, 2021.
(8) The Senior Unsecured Revolving Credit Facility Draw 2 as of December 31, 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 December 31, 2021.
(9) SONIA = Sterling Overnight Interbank Average Rate.
(10) BBSW = Bank Bill Swap Rate
(11) The Senior Unsecured Revolving Credit Facility Draw 4 as of December 31, 2021, is denominated in AUD and aggregates to AUD 80.0 million. The carrying value in the table above is the US dollar equivalent as of December 31, 2021.
(12) The Chile Mortgages were assumed in connection with the Agro Acquisition, and have varying maturities and interest rates. The above aggregates these given the immaterial balance of each individually.
Schedule of aggregate maturities of total indebtedness
The aggregate maturities of indebtedness as of December 31, 2021, 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)
2022$8,729
2023263,822
20241,536
2025773,713 
2026201,664
Thereafter
1,604,706
Aggregate principal amount of debt
2,854,170
Less unamortized deferred financing costs
(11,050)
Total debt net of deferred financing costs
$2,843,120
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/SPERelated Obligation
ART Mortgage Borrower Propco 2013 LLC2013 Mortgage Notes
ART Mortgage Borrower Opco 2013 LLC