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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
The following table reflects a summary of our outstanding indebtedness (in thousands):
December 31, 2022December 31, 2021
Weighted Average Effective Interest Rate Carrying AmountWeighted Average Effective Interest RateCarrying Amount
Senior Unsecured Notes3.27%$1,752,875 3.22%$1,802,750 
Senior Unsecured Term Loans4.67%829,450 1.45%372,800 
Senior Unsecured Revolving Credit Facility5.12%500,052 1.54%399,314 
2013 Mortgage LoansN/A— 5.93%269,545 
Chile MortgagesN/A— 4.01%9,761 
Total principal amount of indebtedness$3,082,377 $2,854,170 
Less: unamortized deferred financing costs
(13,044)(11,050)
Total indebtedness, net of deferred financing costs
$3,069,333 $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):
December 31, 2022December 31, 2021
Stated Maturity DateContractual Interest RateBorrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
Series A Notes
01/20264.68%$200,000 $200,000 $200,000 $200,000 
Series B Notes
01/20294.86%$400,000 $400,000 $400,000 $400,000 
Series C Notes
01/20304.10%$350,000 $350,000 $350,000 $350,000 
Series D Notes01/20311.62%€400,000 $428,200 €400,000 $454,800 
Series E Notes01/20331.65%€350,000 $374,675 €350,000 $397,950 
Total Senior Unsecured Notes
$1,752,875 $1,802,750 
The following tables provides the details of our Senior Unsecured Term Loans (balances in thousands):
December 31, 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$250,000 184,450 
CDOR+0.95%
C$250,000 $197,800 
Delayed Draw Tranche A-3
SOFR + 0.95%
$270,000 270,000 — — — 
Total Senior Unsecured Term Loan Facility
$829,450 $372,800 
(1) S = one-month Adjusted Term SOFR; C = one-month CDOR; L = one-month LIBOR. Tranche A-1 and Tranche A-3 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 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 10 for details of the related interest rate swaps.

The following table provides the details of our Senior Unsecured Revolving Credit Facility (balances in thousands):
December 31, 2022December 31, 2021
Denomination of Draw
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
U.S. dollarSOFR + 0.85%$225,000 $225,000 LIBOR+0.85%$205,000 $205,000 
Australian dollarBBSW+0.85%A$146,000 $99,470 BBSW+0.85%A$80,000 $58,104 
British pound sterlingSONIA+0.85%£76,500 $92,435 SONIA+0.85%£68,500 $92,694 
Canadian dollarCDOR+0.85%C$50,000 $36,890 CDOR+0.85%C$55,000 $43,516 
EuroEURIBOR+0.85%€35,500 $38,003 —— — 
New Zealand dollarBKBM+0.85%NZD12,998 $8,254 —— — 
Total Senior Unsecured Revolving Credit Facility
$500,052 $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 Daily SOFR for the entirety of our U.S. dollar denominated borrowings shown above, which includes 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.
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 used a portion of the unsecured credit facilities to repay its 2013 Mortgage Notes which were scheduled to mature on May 1, 2023, but became 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 it’s ESG initiatives.

The 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 $8.8 million and $4.8 million as of December 31, 2022 and December 31, 2021, respectively, which is amortized as interest expense under the straight-line method through the maturity date.

The 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 months period. Tranche A-2 consists of a C$250 million 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. As previously mentioned, the Company drew the Tranche A-3 on November 1, 2022, to repay its 2013 Mortgage Notes. The remaining proceeds of the delayed draw facility were used for general corporate purposes. Unamortized deferred financing costs related to the Senior Unsecured Term Loan A are included in “Mortgage notes, senior unsecured notes, and term loan” on the accompanying Consolidated Balance Sheets totaling $4.2 million and $2.3 million as of December 31, 2022, and December 31, 2021, respectively. These amounts are amortized as interest expense under the effective interest method through
the maturity date.

Our Senior Unsecured Credit Facility contains representations, covenants and other terms customary for a publicly traded REIT. In addition, it contains certain financial covenants, as defined in the credit agreement, including:

•a maximum leverage ratio of less than or equal to 60% of our total asset value. Following a Material Acquisition, leverage ratio shall not exceed 65%;
•a maximum unencumbered leverage ratio of less than or equal to 60% to unencumbered asset value. Following a Material Acquisition, unencumbered leverage ratio shall not exceed 65%;
•a maximum secured leverage ratio of less than or equal to 40% to total asset value. Following a Material Acquisition, secured leverage ratio shall not exceed 45%;
•a minimum fixed charge coverage ratio of greater than or equal to 1.50x; and
•a minimum unsecured interest coverage ratio of greater than or equal to 1.75x.

Material Acquisition in our Senior Unsecured Credit Facility is defined as one in which assets acquired exceeds an amount equal to 5% of total asset value as of the last day of the most recently ended fiscal quarter publicly available. Obligations under our Senior Unsecured Credit Facility are general unsecured obligations of our Operating Partnership and are guaranteed by the Company and certain subsidiaries of the Company. As of December 31, 2022, the Company was in compliance with all debt covenants.

There were $21.4 million letters of credit issued on the Company’s Senior Unsecured Revolving Credit Facility as of December 31, 2022.
2013 Mortgage Loans
On May 1, 2013, we entered into a mortgage financing in an aggregate principal amount of $322.0 million, which we referred to as the 2013 Mortgage Loans. The debt consisted of a senior debt note and two mezzanine notes. The components were cross-collateralized and cross-defaulted. The senior debt note required monthly principal payments. The mezzanine notes required no principal payments until the stated maturity date in May 2023. The 2013 Mortgage Loans became prepayable at par and the Company repaid at that time using proceeds from the Senior Unsecured Tranche A-3 term loan on November 1, 2022.
Debt Covenants
Our Senior Unsecured Credit Facilities and the Senior Unsecured Notes 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, the maintenance of REIT status, and restrictions on our ability to enter into certain types of transactions or take on certain exposures. As of December 31, 2022, we were in compliance with all debt covenants.
Loss on debt extinguishment, modifications and termination of derivative instruments
In connection with the refinancings that occurred during the years ended December 31, 2022, 2021 and 2020, the Company recorded $0.6 million, $2.9 million and $2.3 million, respectively, to “Loss on debt extinguishment, modifications and termination of derivative instruments” in the accompanying Consolidated Statements of Operations. In 2020, the Company terminated the two interest rate swaps related to the 2020 Senior Unsecured Credit Facility for a fee of $16.4 million, of which $8.7 million was recorded in “Accumulated Other
Comprehensive Income” and is being amortized to “Loss on debt extinguishment, modifications and termination of derivative instruments” through 2024, and $7.7 million was immediately recorded as interest and included within “Loss on debt extinguishment, modifications and termination of derivative instruments” in the accompanying Consolidated Statements of Operations during the year ended December 31, 2020. The amortization of the previously deferred costs from terminating these swaps was $2.5 million and $2.7 million during the years ended December 31, 2022 and 2021, respectively.
Aggregate future repayments of indebtedness
The aggregate maturities of indebtedness as of December 31, 2022 for each of the next five years and thereafter, are as follows:
Years Ending December 31:
(In thousands)
2023$—
2024—
2025—
20261,075,052 
2027—
Thereafter
2,007,325
Aggregate principal amount of debt
3,082,377
Less unamortized deferred financing costs
(13,044)
Total debt net of deferred financing costs
$3,069,333