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Indebtedness
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
At December 31, 2021 and 2020, our outstanding indebtedness consisted of the following:
 December 31,
20212020
Revolving credit facility, due in 2023$— $— 
Senior unsecured notes, 4.15% interest rate, due in 2022 (1)
— 300,000 
Senior unsecured notes, 4.00% interest rate, due in 2022
300,000 300,000 
Senior unsecured notes, 4.25% interest rate, due in 2024
350,000 350,000 
Senior unsecured notes, 4.50% interest rate, due in 2025
650,000 650,000 
Senior unsecured notes, 2.650% interest rate, due in 2026 (2)
300,000 — 
Senior unsecured notes, 2.400% interest rate, due in 2027 (3)
350,000 — 
Senior unsecured notes, 3.450% interest rate, due in 2031 (4)
400,000 — 
Senior unsecured notes, 5.875% interest rate, due in 2046 (5)
— 310,000 
Senior unsecured notes, 6.375% interest rate, due in 2050
162,000 162,000 
Mortgage note payable, 8.150% interest rate, due in 2021 (6)
— 350 
Mortgage note payable, 4.220% interest rate, due in 2022 (7)
25,055 25,804 
Mortgage note payable, 3.550% interest rate, due in 2023 (8)
— 71,000 
Mortgage note payable, 3.700% interest rate, due in 2023
50,000 50,000 
Mortgage note payable, 4.800% interest rate, due in 2023
23,246 23,688 
2,610,301 2,242,842 
Unamortized debt premiums, discounts and issuance costs(32,351)(39,871)
$2,577,950 $2,202,971 
(1)These senior notes were redeemed in September 2021.
(2)These senior notes were issued in May 2021.
(3)These senior notes were issued in August 2021.
(4)These senior notes were issued in September 2021.
(5)These senior notes were redeemed in June 2021.
(6)This mortgage note was paid in full as of its maturity date.
(7)In February 2022, we gave notice of our intention to prepay this mortgage note at par plus accrued interest. We expect to make this prepayment in April 2022.
(8)This mortgage note was prepaid in June 2021.
Our $750,000 revolving credit facility is governed by a credit agreement, or our credit agreement, with a syndicate of institutional lenders that includes a feature under which the maximum aggregate borrowing availability may be increased to up to $1,950,000 in certain circumstances.
Our $750,000 revolving credit facility is available for general business purposes, including acquisitions. The maturity date of our revolving credit facility is January 31, 2023 and, subject to our payment of an extension fee and meeting certain other conditions, we have the option to extend the stated maturity date of our revolving credit facility by two additional six month periods. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity and no principal repayment is due until maturity. We are required to pay interest at a rate of LIBOR plus a premium, which was 110 basis points per annum at December 31, 2021, on the amount outstanding under our revolving credit facility. We also pay a facility fee on the total amount of lending commitments under our revolving credit facility, which was 25 basis points per annum at December 31, 2021. Both the interest rate premium and facility fee are subject to adjustment based upon changes to our credit ratings. As of December 31, 2021 and 2020, the annual interest rate payable on borrowings under our revolving credit facility was 1.2%. The weighted average annual interest rate for borrowings under our revolving credit facility was 1.2%, 2.0% and 3.3%, for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and February 15, 2022, we had no amounts outstanding under our revolving credit facility and $750,000 available for borrowing.
Our credit agreement and senior unsecured notes indentures and their supplements provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR LLC ceasing to act as our business and property manager.  Our
credit agreement and senior unsecured notes indentures and their supplements also contain covenants, including covenants that restrict our ability to incur debts, require us to comply with certain financial covenants and, in the case of our credit agreement, restrict our ability to make distributions under certain circumstances. We believe we were in compliance with the terms and conditions of the respective covenants under our credit agreement and senior unsecured notes indentures and their supplements at December 31, 2021.
Senior Unsecured Note Issuances
In May 2021, we issued $300,000 of 2.650% senior unsecured notes due 2026 in an underwritten public offering, raising net proceeds of $296,826, after deducting underwriters’ discounts and offering expenses. These notes require semi-annual payments of interest only through maturity on June 15, 2026 and may be repaid at par plus accrued and unpaid interest on or after May 15, 2026.
In August 2021, we issued $350,000 of 2.400% senior unsecured notes due 2027 in an underwritten public offering, raising net proceeds of $346,607, after deducting underwriters’ discounts and offering expenses. These notes require semi-annual payments of interest only through maturity on February 1, 2027 and may be repaid at par plus accrued and unpaid interest on or after January 1, 2027.
In September 2021, we issued $400,000 of 3.450% senior unsecured notes due 2031 in an underwritten public offering, raising net proceeds of $395,632, after deducting underwriters’ discounts and offering expenses. These notes require semi-annual payments of interest only through maturity on October 15, 2031 and may be repaid at par plus accrued and unpaid interest on or after July 15, 2031.
Senior Unsecured Note Redemptions
In June 2021, we redeemed, at par plus accrued interest, all $310,000 of our 5.875% senior unsecured notes due 2046. As a result of this redemption, we recognized a loss on early extinguishment of debt of $8,581 during the year ended December 31, 2021, from the write off of unamortized debt issuance costs.
In September 2021, we redeemed, at a premium plus accrued interest, all $300,000 of our 4.15% senior unsecured notes due 2022. As a result of this redemption, we recognized a loss on early extinguishment of debt of $2,274 during the year ended December 31, 2021, from a prepayment penalty and the write off of unamortized discounts.
Mortgage Note Repayment
In June 2021, we prepaid, at a premium plus accrued interest, a mortgage note secured by three properties with an outstanding principal balance of $71,000, an annual interest rate of 3.55% and a maturity date in May 2023. As a result of the prepayment of this mortgage note, we recognized a loss on early extinguishment of debt of $3,213 during the year ended December 31, 2021, from a prepayment penalty and the write off of unamortized discounts.
At December 31, 2021, three of our properties with an aggregate net book value of $188,130 were encumbered by mortgage notes with an aggregate principal amount of $98,301. Our mortgage notes are non-recourse, subject to certain limited exceptions and do not contain any material financial covenants.
None of our unsecured debt obligations require sinking fund payments prior to their maturity dates.
The required principal payments due during the next five years and thereafter under all our outstanding consolidated debt as of December 31, 2021 are as follows:
YearPrincipal Payment
2022 (1)
$325,517 
202372,784 
2024350,000 
2025650,000 
2026300,000 
Thereafter912,000 
Total$2,610,301 
(2)
(1)In February 2022, we gave notice of our intention to prepay, at par plus accrued interest, a mortgage note secured by one property with an outstanding principal balance of $25,055 at December 31, 2021, an annual interest rate of 4.22% and a maturity date in July 2022.
(2)Total consolidated debt outstanding as of December 31, 2021, net of unamortized premiums, discounts and issuance costs totaling $32,351, was $2,577,950.