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Debt (Tables)
12 Months Ended
Dec. 31, 2018
Debt  
Summary of outstanding indebtedness

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturity

 

December 31,

 

December 31,

 

 

    

Interest Rate

    

Date

    

2018

    

2017

 

Revolving credit facility

 

3.95% and 3.11% at December 31, 2018, and December 31, 2017, respectively

 

April 19, 2022

 

$

211,500

 

$

169,500

 

2020 Senior unsecured term loan(1)

 

3.37% and 3.00% at December 31, 2018, and December 31, 2017, respectively

 

June 24, 2020

 

 

150,000

 

 

150,000

 

2021 Senior unsecured term loan

 

3.90% and 3.06% at December 31, 2018, and December 31, 2017, respectively

 

February 2, 2021

 

 

100,000

 

 

100,000

 

2022 Senior unsecured term loan(2)

 

3.65% and 3.04% at December 31, 2018, and December 31, 2017, respectively

 

April 19, 2022

 

 

200,000

 

 

200,000

 

2023 Senior unsecured term loan(3)

 

4.01% at December 31, 2018

 

April 19, 2023

 

 

150,000

 

 

 —

 

2023 Senior unsecured notes

 

4.19% at December 31, 2018, and December 31, 2017, respectively

 

June 15, 2023

 

 

150,000

 

 

150,000

 

2024 Senior unsecured notes

 

3.91% at December 31, 2018, and December 31, 2017, respectively

 

April 20, 2024

 

 

175,000

 

 

175,000

 

Total principal outstanding

 

 

 

`

 

 

1,136,500

 

 

944,500

 

Unamortized deferred financing costs

 

 

 

 

 

 

(5,677)

 

 

(4,930)

 

Total debt

 

 

 

 

 

$

1,130,823

 

$

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 December 31, 2018. The interest rate on the remaining $75 million of the 2020 Term Loan is based on the London Interbank Offered Rate (“LIBOR”) plus the applicable spread. The effective interest rate as of December 31, 2018, is 3.37%. See Note 9 – 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 December 31, 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 December 31, 2018, is 3.65%. See Note 9 – Derivatives and Hedging Activities. Effective January 31, 2019, the interest rate swap was terminated.

(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 December 31, 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 December 31, 2018, is 4.01%. See Note 9 – 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 (in thousands):

 

 

 

 

 

Year Ending December 31,

    

 

 

 

2019

 

$

 —

 

2020

 

 

150,000

 

2021

 

 

100,000

 

2022

 

 

411,500

 

2023

 

 

300,000

 

Thereafter

 

 

175,000

 

Total principal outstanding

 

 

1,136,500

 

Unamortized deferred financing costs

 

 

(5,677)

 

Total debt, net

 

$

1,130,823