Debt (Tables)

3 Months Ended

Mar. 31, 2019

7. Debt

A summary of outstanding indebtedness as of March 31, 2019, and December 31, 2018, is as follows (in thousands):


		Maturity	March 31,		December 31,
	Interest Rate	Date	2019		2018
Revolving credit facility	3.94% and 3.95% at March 31, 2019, and December 31, 2018, respectively	April 19, 2022	$	291,000	$	211,500
2020 Senior unsecured term loan(1)	3.36% and 3.37% at March 31, 2019, and December 31, 2018, respectively	June 24, 2020		150,000		150,000
2021 Senior unsecured term loan	3.89% and 3.90% at March 31, 2019, and December 31, 2018, respectively	February 2, 2021		100,000		100,000
2022 Senior unsecured term loan	3.89% and 3.65% at March 31, 2019, and December 31, 2018, respectively	April 19, 2022		200,000		200,000
2023 Senior unsecured term loan(2)	4.00% and 4.01% at March 31, 2019, and December 31, 2018, respectively	April 19, 2023		150,000		150,000
2023 Senior unsecured notes	4.19% at March 31, 2019, and December 31, 2018, respectively	June 15, 2023		150,000		150,000
2024 Senior unsecured notes	3.91% at March 31, 2019, and December 31, 2018, respectively	April 20, 2024		175,000		175,000
Total principal outstanding		`		1,216,000		1,136,500
Unamortized deferred financing costs				(5,284)		(5,677)
Total debt			$	1,210,716	$	1,130,823

(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 March 31, 2019. 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 March 31, 2019, is 3.36%. See Note 8 – Derivatives and Hedging Activities.

(2)

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 March 31, 2019. 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 March 31, 2019, is 4.00%. 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,
2019	$	—
2020		150,000
2021		100,000
2022		200,000
2023		300,000
Thereafter		466,000
Total principal outstanding		1,216,000
Unamortized deferred financing costs		(5,284)
Total debt, net	$	1,210,716