Debt (Tables)

12 Months Ended

Dec. 31, 2016

A summary of outstanding indebtedness as of December 31, 2016, and 2015, is as follows (in thousands):


		Maturity	December 31,		December 31,
	Interest Rate	Date	2016		2015
Revolving credit facility	2.32% and 1.98% at December 31, 2016, and December 31, 2015, respectively	June 24, 2019	$	194,000	$	142,250
2019 Senior unsecured term loan(1)	3.23% at December 31, 2016, and December 31, 2015	January 31, 2019		100,000		100,000
2020 Senior unsecured term loan(2)	2.60% and 2.43% at December 31, 2016, and December 31, 2015	June 24, 2020		150,000		150,000
2021 Senior unsecured term loan	2.27% at December 31, 2016	February 2, 2021		100,000		—
2023 Senior unsecured notes	4.19% at December 31, 2016	June 15, 2023		150,000		—
Total principal outstanding				694,000		392,250
Unamortized deferred financing costs				(3,550)		(1,243)
Total debt			$	690,450	$	391,007

(1)

Our Operating Partnership entered into a swap agreement with respect to the 2019 Term Loan (as defined below) to swap the variable interest rate associated with $100 million, or 100%, of the 2019 Term Loan to a fixed rate of approximately 3.23% per annum at our current leverage ratio. See “Derivatives and Hedging Activities” in Note 9 below.

(2)

Our Operating Partnership entered into a swap agreement with respect to the 2020 Term Loan to swap the variable interest rate associated with $75 million, or 50%, of the principal amount of the 2020 Term Loan (as defined below) to a fixed rate of approximately 2.93% per annum at our current leverage ratio. The interest rate on the remaining $75 million of the 2020 Term Loan is based on LIBOR plus the applicable spread. The effective interest rate as of December 31, 2016, is 2.60%. See “Derivatives and Hedging Activities” in Note 9 below.

Summary of amount of the entity's outstanding debt when such debt currently become due

The following table summarizes the amount of our outstanding debt and when such debt currently becomes due (in thousands):


Year Ending December 31,
2017	$	—
2018		—
2019		294,000
2020		150,000
2021		100,000
Thereafter		150,000
Total principal outstanding		694,000
Unamortized deferred financing costs		(3,550)
Total debt, net	$	690,450