UNSECURED AND SECURED DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

	December 31,
	2021		2020
	(In thousands)
Unsecured bank credit facilities - variable rate, carrying amount	$	209,210	125,000
Unamortized debt issuance costs	(2,144)		(806)
Unsecured bank credit facilities, net of debt issuance costs	207,066		124,194
Unsecured debt - fixed rate, carrying amount (1)	1,245,000		1,110,000
Unamortized debt issuance costs	(2,430)		(2,292)
Unsecured debt, net of debt issuance costs	1,242,570		1,107,708
Secured debt - fixed rate, carrying amount (1)	2,156		79,096
Unamortized debt issuance costs	(14)		(103)
Secured debt, net of debt issuance costs	2,142		78,993
Total debt, net of debt issuance costs	$	1,451,778	1,310,895

(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.

Schedule of unsecured debt

A summary of the carrying amount of Unsecured debt follows:

				Balance at December 31,
	Margin Above LIBOR	Interest Rate	Maturity Date	2021		2020
				(In thousands)
$40 Million Unsecured Term Loan (1)	1.10%	2.34%	07/30/2021	$	—	40,000
$75 Million Unsecured Term Loan (1)	1.40%	3.03%	02/28/2022	75,000		75,000
$65 Million Unsecured Term Loan (1)	1.10%	2.31%	04/01/2023	65,000		65,000
$70 Million Senior Unsecured Notes:
$50 Million Notes	Not applicable	3.80%	08/28/2023	50,000		50,000
$20 Million Notes	Not applicable	3.80%	08/28/2025	20,000		20,000
$60 Million Senior Unsecured Notes	Not applicable	3.46%	12/13/2024	60,000		60,000
$100 Million Senior Unsecured Notes:
$60 Million Notes	Not applicable	3.48%	12/15/2024	60,000		60,000
$40 Million Notes	Not applicable	3.75%	12/15/2026	40,000		40,000
$25 Million Senior Unsecured Notes	Not applicable	3.97%	10/01/2025	25,000		25,000
$50 Million Senior Unsecured Notes	Not applicable	3.99%	10/07/2025	50,000		50,000
$60 Million Senior Unsecured Notes	Not applicable	3.93%	04/10/2028	60,000		60,000
$80 Million Senior Unsecured Notes	Not applicable	4.27%	03/28/2029	80,000		80,000
$35 Million Senior Unsecured Notes	Not applicable	3.54%	08/15/2031	35,000		35,000
$75 Million Senior Unsecured Notes	Not applicable	3.47%	08/19/2029	75,000		75,000
$100 Million Unsecured Term Loan (1) (2)	0.85%	2.10%	10/10/2026	100,000		100,000
$100 Million Unsecured Term Loan (1)	1.45%	2.39%	03/25/2027	100,000		100,000
$100 Million Senior Unsecured Notes	Not applicable	2.61%	10/14/2030	100,000		100,000
$75 Million Senior Unsecured Notes	Not applicable	2.71%	10/14/2032	75,000		75,000
$50 Million Unsecured Term Loan (1)	1.00%	1.55%	03/18/2025	50,000		—
$125 Million Senior Unsecured Notes	Not applicable	2.74%	06/10/2031	125,000		—
				$	1,245,000	1,110,000

(1)The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2021.

(2)This term loan was refinanced during 2021. Effective October 10, 2021, the margin above LIBOR was reduced from 1.50% to 0.85% reducing the effectively fixed rate from 2.75% to 2.10%.

Schedule of secured debt

A summary of the carrying amount of Secured debt follows: 

	Interest Rate	Monthly Principal & Interest Payment	Maturity Date	Carrying Amount of Securing Real Estate at December 31, 2021		Balance at December 31,
Property						2021	2020
				(In thousands)
Colorado Crossing Distribution Center, Interstate Warehouse 1-3, Rojas Commerce Park, Steele Creek Commerce Park 1 & 2, Venture Warehouses and World Houston Int’l Business Ctr 3, 4 & 6-9	4.75%	420,045	Repaid	$	—	—	41,610
Arion Business Park 18, Beltway Crossing Business Park 6 & 7, Commerce Park Center 2 & 3, Concord Distribution Center, Interstate Warehouse 5-7, Lakeview Business Center, Ridge Creek Distribution Center 2, Southridge Commerce Park 4 & 5 and World Houston Int’l Business Ctr 32	4.09%	329,796	Repaid	—		—	35,220
Ramona Distribution Center	3.85%	16,287	11/30/2026	8,515		2,156	2,266
				$	8,515	2,156	79,096

Principal payments due during the next five years

Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs and Secured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2021 are as follows: 

Years Ending December 31,	(In thousands)
2022	$	75,115
2023	115,119
2024	120,122
2025	145,128
2026	141,672