Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt

Summary of outstanding indebtedness

A summary of outstanding indebtedness as of September 30, 2019, and December 31, 2018, is as follows (in thousands):

		Maturity	September 30,		December 31,
	Interest Rate	Date	2019		2018
Revolving credit facility	3.47% and 3.95% at September 30, 2019, and December 31, 2018, respectively	April 19, 2022	$	62,250	$	211,500
2020 Senior unsecured term loan(1)	3.12% and 3.37% at September 30, 2019, and December 31, 2018, respectively	June 24, 2020		150,000		150,000
2021 Senior unsecured term loan	3.42% and 3.90% at September 30, 2019, and December 31, 2018, respectively	February 2, 2021		100,000		100,000
2022 Senior unsecured term loan	3.42% and 3.65% at September 30, 2019, and December 31, 2018, respectively	April 19, 2022		200,000		200,000
2023 Senior unsecured term loan(2)	3.77% and 4.01% at September 30, 2019, and December 31, 2018, respectively	April 19, 2023		150,000		150,000
2023 Senior unsecured notes	4.19% at September 30, 2019, and December 31, 2018, respectively	June 15, 2023		150,000		150,000
2024 Senior unsecured notes	3.91% at September 30, 2019, and December 31, 2018, respectively	April 20, 2024		175,000		175,000
2026 Senior unsecured notes(3)	4.52% at September 30, 2019	April 17, 2026		200,000		—
2029 Senior unsecured notes	4.31% at September 30, 2019	April 17, 2029		200,000		—
Total principal outstanding		`		1,387,250		1,136,500
Unamortized deferred financing costs				(6,709)		(5,677)
Total debt			$	1,380,541	$	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 September 30, 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 September 30, 2019, is 3.12%. 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 September 30, 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 September 30, 2019, is 3.77%. See Note 8 – Derivatives and Hedging Activities.

(3) Our Operating Partnership had in place a $175 million forward-starting seven-year interest rate swap agreement to protect against adverse fluctuations in interest rates in anticipation of the issuance of the 2026 Notes (as defined below). On April 3, 2019, we settled the $175 million swap and after giving effect to cancellation costs incurred in connection with the termination of the swap, the 2026 Notes bear an effective interest rate of 4.52% per annum. 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		262,250
2023		300,000
Thereafter		575,000
Total principal outstanding		1,387,250
Unamortized deferred financing costs		(6,709)
Total debt, net	$	1,380,541