XML 39 R28.htm IDEA: XBRL DOCUMENT

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt

Summary of outstanding indebtedness

A summary of outstanding indebtedness as of June 30, 2020, and December 31, 2019, is as follows (in thousands):


				Maturity		June 30,			December 31,
		Interest Rate		Date		2020			2019
Revolving credit facility⁽¹⁾		1.41% and 3.01% at June 30, 2020, and December 31, 2019, respectively		November 8, 2023		$	99,000		$	62,500
2022 Senior unsecured term loan⁽²⁾⁽³⁾		1.76% and 2.96% at June 30, 2020, and December 31, 2019, respectively		April 19, 2022			200,000			200,000
2023 Senior unsecured notes		4.19% at June 30, 2020, and December 31, 2019, respectively		June 15, 2023			150,000			150,000
2024 Senior unsecured term loan⁽²⁾⁽³⁾		2.86% and 3.44% at June 30, 2020, and December 31, 2019, respectively		April 19, 2024			150,000			150,000
2024 Senior unsecured notes		3.91% at June 30, 2020, and December 31, 2019, respectively		April 20, 2024			175,000			175,000
2025 Senior unsecured term loan⁽²⁾⁽³⁾		2.32% and 2.81% at June 30, 2020, and December 31, 2019, respectively		April 1, 2025			350,000			350,000
2026 Senior unsecured notes⁽²⁾		4.52% at June 30, 2020, and December 31, 2019, respectively		April 17, 2026			200,000			200,000
2027 Senior unsecured notes		3.75% at June 30, 2020		May 6, 2027			100,000			—
2029 Senior unsecured notes		4.31% at June 30, 2020, and December 31, 2019, respectively		April 17, 2029			200,000			200,000
Total principal outstanding				`			1,624,000			1,487,500
Unamortized deferred financing costs							(8,759)			(9,098)
Total debt						$	1,615,241		$	1,478,402

(1)

Borrowings under the revolving credit facility bear interest at a variable rate per annum equal to either (i) LIBOR plus 125 basis points to 185 basis points, or (ii) a base rate plus 25 basis points to 85 basis points, each depending on our Operating Partnership’s leverage ratio. At June 30, 2020, our Operating Partnership’s leverage ratio was 31.1% and the interest rate was LIBOR plus 125 basis points.

(2)

Our Operating Partnership has in place swap agreements with respect to the term loans noted above, and previously had a forward starting swap agreement in place with respect to the 2026 senior unsecured notes. The interest rates presented represent the effective interest rates as of June 30, 2020, and December 31, 2019, including the impact of the interest rate swaps, which effectively fix the interest rate on a portion of our variable rate debt. See Note 8 – Derivatives and Hedging Activities.

(3)

Borrowings under the senior unsecured term loans bear interest at a variable rate per annum equal to either (i) LIBOR plus 120 basis points to 180 basis points, or (ii) a base rate plus 20 basis points to 80 basis points, each depending on our Operating Partnership’s leverage ratio. At June 30, 2020, our Operating Partnership’s leverage ratio was 31.1% and the interest rate was LIBOR plus 120 basis points.

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 as of June 30, 2020, adjusted for the $50 million July 2020 debt funding discussed on the previous page, and the subsequent repayment of outstanding amounts on the revolving credit facility (in thousands):


Year Ending December 31,
2020		$	—
2021			—
2022			200,000
2023			199,000
2024			325,000
Thereafter			900,000
Total principal outstanding			1,624,000
Unamortized deferred financing costs			(8,759)
Total debt, net		$	1,615,241