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Debt (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of 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.
Schedule of Aggregate Maturities of Total 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