Debt (Tables)

3 Months Ended

Mar. 31, 2017

A summary of outstanding indebtedness as of March 31, 2017, and December 31, 2016, is as follows (in thousands):


		Maturity	March 31,		December 31,
	Interest Rate	Date	2017		2016
Revolving credit facility	2.53% and 2.32% at March 31, 2017, and December 31, 2016, respectively	June 24, 2019	$	223,000	$	194,000
2019 Senior unsecured term loan(1)	3.23% at March 31, 2017, and December 31, 2016	January 31, 2019		100,000		100,000
2020 Senior unsecured term loan(2)	2.71% and 2.60% at March 31, 2017, and December 31, 2016	June 24, 2020		150,000		150,000
2021 Senior unsecured term loan	2.48% and 2.27% at March 31, 2017, and December 31, 2016	February 2, 2021		100,000		100,000
2023 Senior unsecured notes	4.19% at March 31, 2017, and December 31, 2016	June 15, 2023		150,000		150,000
Total principal outstanding				723,000		694,000
Unamortized deferred financing costs				(3,343)		(3,550)
Total debt			$	719,657	$	690,450

(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 Note 6 – Derivatives and Hedging Activities.

(2)

Our Operating Partnership entered into a swap agreement with respect to the 2020 Term Loan (as defined below) to swap the variable interest rate associated with $75 million, or 50%, of the principal amount of the 2020 Term Loan 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 March 31, 2017, is 2.48%. See Note 6 – Derivatives and Hedging Activities.

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

The following table summarizes when our debt currently becomes due, adjusted for the April 2017 debt financing transactions, which includes the amended 2019 Term Loan, the 2024 Notes, and the repayment of the revolving credit facility (in thousands):


Year Ending December 31,
2017	$	—
2018		—
2019		—
2020		150,000
2021		100,000
Thereafter		473,000
Total principal outstanding		723,000
Unamortized deferred financing costs		(3,343)
Total debt, net	$	719,657