Debt (Tables)

9 Months Ended

Sep. 30, 2017

A summary of outstanding indebtedness as of September 30, 2017, and December 31, 2016, is as follows (in thousands):


		Maturity	September 30,		December 31,
	Interest Rate	Date	2017		2016
Revolving credit facility	2.78% and 2.32% at September 30, 2017, and December 31, 2016, respectively	June 24, 2019	$	19,000	$	194,000
2020 Senior unsecured term loan(1)	2.83% and 2.60% at September 30, 2017, and December 31, 2016, respectively	June 24, 2020		150,000		150,000
2021 Senior unsecured term loan	2.73% and 2.27% at September 30, 2017, and December 31, 2016, respectively	February 2, 2021		100,000		100,000
2022 Senior unsecured term loan(2)	2.79% and 3.23% at September 30, 2017, and December 31, 2016, respectively	April 19, 2022		200,000		100,000
2023 Senior unsecured notes	4.19% at September 30, 2017, and December 31, 2016, respectively	June 15, 2023		150,000		150,000
2024 Senior unsecured notes	3.91% at September 30, 2017	April 20, 2024		175,000		—
Total principal outstanding		`		794,000		694,000
Unamortized deferred financing costs				(5,213)		(3,550)
Total debt			$	788,787	$	690,450

(1)

Our Operating Partnership has in place 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 September 30, 2017, is 2.83%. See Note 6 – Derivatives and Hedging Activities.

(2)

Our Operating Partnership has in place a swap agreement with respect to the 2022 Term Loan (as defined below) to swap the variable interest rate associated with $50 million, or 25% of the principal amount of the 2022 Term Loan to a fixed rate of approximately 2.98% at our current leverage ratio as of September 30, 2017. The interest rate on the remaining $150 million of the 2022 Term Loan is based on LIBOR plus the applicable spread. The effective interest rate as of September 30, 2017, is 2.79%. 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 the amount of our outstanding debt as of September 30, 2017, based on when such debt currently becomes due (in thousands):


Year Ending December 31,
2017	$	—
2018		—
2019		19,000
2020		150,000
2021		100,000
Thereafter		525,000
Total principal outstanding		794,000
Unamortized deferred financing costs		(5,213)
Total debt, net	$	788,787