Debt (Tables)

9 Months Ended

Sep. 30, 2018

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


		Maturity	September 30,		December 31,
	Interest Rate	Date	2018		2017
Revolving credit facility	3.71% and 3.11% at September 30, 2018, and December 31, 2017, respectively	April 19, 2022	$	154,500	$	169,500
2020 Senior unsecured term loan(1)	3.24% and 3.00% at September 30, 2018, and December 31, 2017, respectively	June 24, 2020		150,000		150,000
2021 Senior unsecured term loan	3.66% and 3.06% at September 30, 2018, and December 31, 2017, respectively	February 2, 2021		100,000		100,000
2022 Senior unsecured term loan(2)	3.47% and 3.04% at September 30, 2018, and December 31, 2017, respectively	April 19, 2022		200,000		200,000
2023 Senior unsecured term loan(3)	3.89% at September 30, 2018	April 19, 2023		150,000		—
2023 Senior unsecured notes	4.19% at September 30, 2018, and December 31, 2017, respectively	June 15, 2023		150,000		150,000
2024 Senior unsecured notes	3.91% at September 30, 2018, and December 31, 2017, respectively	April 20, 2024		175,000		175,000
Total principal outstanding		`		1,079,500		944,500
Unamortized deferred financing costs				(6,021)		(4,930)
Total debt			$	1,073,479	$	939,570

(1)

Our Operating Partnership has in place a swap agreement with respect to the 2020 Term Loan (as defined below), effective through May 5, 2020, 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 as of September 30, 2018. 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, 2018, is 3.24%. 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), effective through January 31, 2019, 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 September 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 September 30, 2018, is 3.47%. 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), effective through April 5, 2023, 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 September 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 September 30, 2018, is 3.89%. 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		354,500
Thereafter		475,000
Total principal outstanding		1,079,500
Unamortized deferred financing costs		(6,021)
Total debt, net	$	1,073,479