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DEBT FINANCING
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
DEBT FINANCING DEBT FINANCING
The Company's outstanding debt as of March 31, 2020 and December 31, 2019 is summarized as follows (dollars in thousands):
Interest Rate(1)
March 31, 2020December 31, 2019
Credit Facility:
Revolving line of credit2.29%$200,000  $—  
Term loan A3.74%125,000  125,000  
Term loan B2.91%250,000  250,000  
Term loan C2.80%225,000  225,000  
Term loan D3.57%175,000  175,000  
2023 Term loan facility2.83%175,000  175,000  
2028 Term loan facility4.62%75,000  75,000  
2029 Term loan facility4.27%100,000  100,000  
2029 Senior Unsecured Notes3.98%100,000  100,000  
2031 Senior Unsecured Notes4.08%50,000  50,000  
Fixed rate mortgages payable4.18%261,680  264,260  
Total principal1,736,680  1,539,260  
Unamortized debt issuance costs and debt premium, net
(5,011) (5,213) 
Total debt$1,731,669  $1,534,047  

(1)Represents the effective interest rate as of March 31, 2020. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings.
As of March 31, 2020, the Company's unsecured credit facility provided for total borrowings of $1.275 billion (the "credit facility"). The credit facility consists of the following components: (i) a revolving line of credit (the "Revolver") which provides for a total borrowing commitment up to $500.0 million, under which the Company may borrow, repay and re-borrow amounts, (ii) a $125.0 million tranche A term loan facility (the "Term Loan A"), (iii) a $250.0 million tranche B term loan facility (the "Term Loan B"), (iv) a $225.0 million tranche C term loan facility (the "Term Loan C"), and (v) a $175.0 million tranche D term loan facility (the "Term Loan D"). As of March 31, 2020, the Company had an expansion option under the credit facility, which, if exercised in full, would provide for a total credit facility of $1.750 billion.
As of March 31, 2020, the Company had outstanding letters of credit totaling $5.7 million and would have had the capacity to borrow remaining Revolver commitments of $294.3 million while remaining in compliance with the credit facility's financial covenants. At March 31, 2020, the Company was in compliance with all such covenants.
For a summary of the Company's financial covenants and additional detail regarding the Company's credit facility, 2023 Term Loan Facility, 2028 Term Loan Facility, 2029 Term Loan Facility, 2029 Senior Unsecured Notes, 2031 Senior Unsecured Notes and fixed rate mortgages payable, please see Note 8 to the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC.
Future Debt Obligations
Based on existing debt agreements in effect as of March 31, 2020, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (in thousands):
Year Ending December 31,Scheduled Principal and Maturity PaymentsAmortization of Premium and Unamortized Debt Issuance CostsTotal
Remainder of 2020$38,067  $(955) $37,112  
20217,603  (1,510) 6,093  
20224,205  (1,512) 2,693  
2023377,049  (1,159) 375,890  
2024471,964  (790) 471,174  
2025227,185  (218) 226,967  
Thereafter610,607  1,133  611,740  
$1,736,680  $(5,011) $1,731,669