Debt (Tables)

6 Months Ended

Jun. 30, 2018

A summary of outstanding indebtedness as of June 30, 2018, and December 31, 2017, is as follows (in thousands):


		Maturity	June 30,		December 31,
	Interest Rate	Date	2018		2017
Revolving credit facility	3.54% and 3.11% at June 30, 2018, and December 31, 2017, respectively	April 19, 2022	$	111,964	$	169,500
2020 Senior unsecured term loan(1)	3.16% and 3.00% at June 30, 2018, and December 31, 2017, respectively	June 24, 2020		150,000		150,000
2021 Senior unsecured term loan	3.49% and 3.06% at June 30, 2018, and December 31, 2017, respectively	February 2, 2021		100,000		100,000
2022 Senior unsecured term loan(2)	3.34% and 3.04% at June 30, 2018, and December 31, 2017, respectively	April 19, 2022		200,000		200,000
2023 Senior unsecured term loan(3)	3.80% at June 30, 2018	April 19, 2023		150,000		—
2023 Senior unsecured notes	4.19% at June 30, 2018, and December 31, 2017, respectively	June 15, 2023		150,000		150,000
2024 Senior unsecured notes	3.91% at June 30, 2018, and December 31, 2017, respectively	April 20, 2024		175,000		175,000
Total principal outstanding		`		1,036,964		944,500
Unamortized deferred financing costs				(6,428)		(4,930)
Total debt			$	1,030,536	$	939,570

(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 2.83% 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 June 30, 2018, is 3.16%. See Note 8 – 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 2.88% per annum at our current leverage ratio as of June 30, 2018. 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 June 30, 2018, is 3.34%. See Note 8 – Derivatives and Hedging Activities.

(3)

Our Operating Partnership has in place a swap agreement with respect to the 2023 Term Loan (as defined below) to swap the variable interest rate associated with $75 million, or 50% of the principal amount of the 2023 Term Loan, to a fixed rate of approximately 4.12% per annum at our current leverage ratio as of June 30, 2018. The interest rate on the remaining $75 million of the 2023 Term Loan is based on LIBOR plus the applicable spread. The effective interest rate as of June 30, 2018, is 3.80%. See Note 8 – Derivatives and Hedging Activities.

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


Year Ending December 31,
2018	$	—
2019		—
2020		150,000
2021		100,000
2022		311,964
Thereafter		475,000
Total principal outstanding		1,036,964
Unamortized deferred financing costs		(6,428)
Total debt, net	$	1,030,536