DEBT FINANCING

9 Months Ended

Sep. 30, 2020

The Company's outstanding debt as of September 30, 2020 and December 31, 2019 is summarized as follows (dollars in thousands):


	Interest Rate(1)	September 30, 2020		December 31, 2019
Credit Facility:
Revolving line of credit	1.45%	$	246,500	$	—
Term loan A	3.74%	125,000		125,000
Term loan B	2.91%	250,000		250,000
Term loan C	2.80%	225,000		225,000
Term loan D	3.57%	175,000		175,000
2023 Term loan facility	2.83%	175,000		175,000
2028 Term loan facility	4.62%	75,000		75,000
2029 Term loan facility	4.27%	100,000		100,000
2029 Senior Unsecured Notes	3.98%	100,000		100,000
2031 Senior Unsecured Notes	4.08%	50,000		50,000
Fixed rate mortgages payable	4.26%	224,653		264,260
Total principal		1,746,153		1,539,260
Unamortized debt issuance costs and debt premium, net		(4,450)		(5,213)
Total debt		$	1,741,703	$	1,534,047

(1)Represents the effective interest rate as of September 30, 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 September 30, 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 September 30, 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 September 30, 2020, the Company had outstanding letters of credit totaling $5.7 million and would have had the capacity to borrow remaining Revolver commitments of $247.8 million while remaining in compliance with the credit facility's financial covenants. At September 30, 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.

2030 And 2032 Senior Unsecured Notes

As discussed in Note 14, on October 22, 2020, the operating partnership issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 (the "2030 Notes") and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 (the "2032 Notes") in a private placement to certain institutional investors.

Future Debt Obligations

Based on existing debt agreements in effect as of September 30, 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 Payments		Amortization of Premium and Unamortized Debt Issuance Costs		Total
Remainder of 2020	$	1,040	$	(381)	$	659
2021	7,603		(1,522)		6,081
2022	4,205		(1,512)		2,693
2023	377,049		(1,159)		375,890
2024	518,464		(790)		517,674
2025	227,185		(218)		226,967
Thereafter	610,607		1,132		611,739
	$	1,746,153	$	(4,450)	$	1,741,703