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Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
The following table reflects a summary of our outstanding indebtedness as of September 30, 2022 and December 31, 2021 (in thousands):
September 30, 2022December 31, 2021
Weighted Average Effective Interest Rate Carrying AmountWeighted Average Effective Interest RateCarrying Amount
Senior Unsecured Notes3.33%$1,685,150 3.22%$1,802,750 
Senior Unsecured Term Loans4.72%555,775 1.45%372,800 
Senior Unsecured Revolving Credit Facility4.13%468,286 1.54%399,314 
2013 Mortgage Loans5.97%264,104 5.93%269,545 
Chile MortgagesN/A— 4.01%9,761 
Total principal amount of indebtedness$2,973,315 $2,854,170 
Less: unamortized deferred financing costs
(12,025)(11,050)
Total indebtedness, net of deferred financing costs
$2,961,290 $2,843,120 
The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively lock-in the interest rates on certain variable rate debt under our Senior Unsecured Term Loans.
The following tables provides the details of our Senior Unsecured Notes (balances in thousands):
September 30, 2022December 31, 2021
Stated Maturity DateContractual Interest RateBorrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
Series A Notes
1/20264.68%$200,000 $200,000 $200,000 $200,000 
Series B Notes
1/20294.86%$400,000 $400,000 $400,000 $400,000 
Series C Notes
1/20304.10%$350,000 $350,000 $350,000 $350,000 
Series D Notes1/20311.62%€400,000 $392,080 €400,000 $454,800 
Series E Notes1/20331.65%€350,000 $343,070 €350,000 $397,950 
Total Senior Unsecured Notes
$1,685,150 $1,802,750 
The following tables provides the details of our 2022 Senior Unsecured Term Loans in effect as of September 30, 2022 and our 2020 Senior Unsecured Term Loans in effect as of December 31, 2021 (balances in thousands):
September 30, 2022December 31, 2021
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
Tranche A-1
SOFR+0.95%
$375,000 $375,000 
LIBOR+0.95%
$175,000 $175,000 
Tranche A-2
CDOR+0.95%
C$250,000 180,775 
CDOR+0.95%
C$250,000 $197,800 
Delayed Draw Tranche A-3(2)
SOFR+0.95%
— — — — — 
Total Senior Unsecured Term Loan Facility
$555,775 $372,800 
(1) S = one-month Adjusted Term SOFR; C = one-month CDOR; L = one-month LIBOR. Tranche A-1 SOFR includes an adjustment of 0.10%, in addition to the margin. While the above reflects the contractual rate, refer to the description below of the 2022 Senior Unsecured Credit Facility for details of the portion of these Term Loans that are hedged, therefore, at a fixed interest rate for the duration of the respective swap agreement. Refer to Note 5 for details of the related interest rate swaps.
(2) The delayed draw Tranche A-3 will not be drawn until November 1, 2022, at which time the proceeds will be used to prepay our 2013 Mortgage Loans which otherwise would mature in 2023. The Delayed Draw Tranche A-3 was included in our August 2022 refinancing detailed below.
The following table provides the details of our Senior Unsecured Revolving Credit Facility (balances in thousands):
September 30, 2022December 31, 2021
Denomination of Draw
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
U.S. dollar
SOFR+0.85%
$233,000 $233,000 
LIBOR+0.85%
$205,000 $205,000 
Australian dollar
BBSW+0.85%
A$133,500 $85,440 
BBSW+0.85%
A$80,000 $58,104 
British pound sterling
SONIA+0.85%
£68,500 $76,515 
SONIA+0.85%
£68,500 $92,694 
Canadian dollar
CDOR+0.85%
C$50,000 $36,155 
CDOR+0.85%
C$55,000 $43,516 
Euro
EURIBOR+0.85%
€30,500 $29,896 —— — 
New Zealand dollar
BKBM+0.85%
NZ$ 13,000
$7,280 —— — 
Total Senior Unsecured Revolving Credit Facility
$468,286 $399,314 
(1) S = one-month Adjusted SOFR; C = one-month CDOR; L = one-month LIBOR, E = Euro Interbank Offered Rate (EURIBOR), SONIA = Adjusted Sterling Overnight Interbank Average Rate, BBSW = Bank Bill Swap Rate, BKBM = Bank Bill Reference Rate. We have elected Term SOFR for $150.0 million of our U.S. dollar denominated borrowings and Daily SOFR for the remainder of our U.S. dollar denominated borrowings, both of which include an adjustment of 0.10%, in addition to the margin. Our British pound sterling borrowings bear interest tied to adjusted SONIA which includes an adjustment of 0.03% in addition to our margin.
2022 Senior Unsecured Credit Facility
On August 23, 2022, the Company entered into an agreement to extend and upsize its senior unsecured credit
facility from $1.5 billion to approximately $2.0 billion. Additionally, the Company plans to use a portion of the unsecured credit facilities to refinance its 2013 Mortgage Notes which mature on May 1, 2023, but is prepayable at par beginning November 1, 2022. In connection with the refinancing, the base interest rate for the USD denominated borrowings was updated to SOFR from LIBOR and all borrowings now incorporate a sustainability-linked pricing component which is subject to adjustment based on improvement in the Company’s annual GRESB rating, as part of our ESG initiatives.

The 2022 Senior Unsecured Revolving Credit Facility is comprised of a $575 million U.S. dollar component and a $575 million U.S. dollar equivalent, multicurrency component. The revolving credit facility matures in August 2026; however, the Company has the option to extend maturity up to two times, each for a six-month period. The Company must meet certain criteria in order to extend the maturity, and an additional extension fee must be paid. Unamortized deferred financing costs related to the revolving credit facility are included in “Other assets” in the accompanying Consolidated Balance Sheets totaling $9.4 million and $4.8 million as of September 30, 2022 and December 31, 2021, respectively, which is amortized as interest expense under the straight-line method through the maturity date.

The 2022 Senior Unsecured Term Loan A consists of three tranches. Tranche A-1 consists of a $375 million USD term loan, an increase from the previous amount of $175 million USD, with a maturity date of August 2025; however, the Company has the option to extend maturity up to two times, each for a twelve month period. Tranche A-2 consists of a $250 million CAD term loan with a maturity date of January 2028, and does not have any extension options. Tranche A-3 consists of a $270 million USD term loan delayed draw facility, which matures in January 2028, and does not have any extension options. The Company expects to draw and fund the Tranche A-3 on November 1, 2022, to repay the 2013 Mortgage Notes. The remaining proceeds of the delayed draw facility will be used for general corporate purposes. Unamortized deferred financing costs related to the Tranche A-1 and A-2 are included in “Mortgage notes, senior unsecured notes, and term loan” on the accompanying Condensed Consolidated Balance Sheets totaling $12.0 million and $11.1 million as of September 30, 2022 and December 31, 2021, respectively, which is amortized as interest expense under the effective interest method through the maturity date. Additionally, unamortized deferred financing costs related to the Tranche A-3 are included in “Other assets” on the accompanying Condensed Consolidated Balance Sheets totaling $4.4 million as the funds were not drawn as of September 30, 2022. The costs will be reclassified to “Mortgage notes, senior unsecured notes, and term loan” on the accompanying Condensed Consolidated Balance Sheets when the funds are drawn, and will be amortized as interest expense under the effective interest method through the maturity date.
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, 2022, we were in compliance with all debt covenants.
Loss on debt extinguishment, modifications and termination of derivative instruments
In connection with the refinancing that occurred in August of 2022, the Company recorded approximately $0.3 million to loss on debt extinguishment, modifications, and termination of derivative instruments in the accompanying Condensed Consolidated Statement of Operations during the three and nine months ended September 30, 2022.
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 within 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 for $0.6 million during each of the three months ended September 30, 2022 and 2021, respectively, and $1.9 million and $2.1 million during the nine months ended September 30, 2022 and 2021, respectively.
Aggregate future repayments of indebtedness
The aggregate maturities of indebtedness as of September 30, 2022, including amortization of principal amounts due under the mortgage notes for each of the next five years and thereafter, are as follows:
Twelve Months Ending September 30:
(In thousands)
2023$264,104
2024—
2025375,000
2026668,286 
2027—
Thereafter
1,665,925
Aggregate principal amount of debt
2,973,315
Less unamortized deferred financing costs
(12,025)
Total debt net of deferred financing costs
$2,961,290