Unsecured and Secured Indebtedness

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Unsecured and Secured Indebtedness

9. Unsecured and Secured Indebtedness

The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions):

	Carrying Value at December 31,						Interest Rate(A) at December 31,		Maturity Date at
	2021			2020			2021	2020	December 31, 2021
Unsecured indebtedness:
Senior notes(B)	$	1,460.0		$	1,460.0		3.375%–4.700%	3.375%–4.700%	May 2023– June 2027
Senior notes – discount, net		(3.1	)		(4.0	)
Net unamortized debt issuance costs		(5.1	)		(6.4	)
Total Senior Notes	$	1,451.8		$	1,449.6
Term Loan	$	100.0		$	100.0		1.1%	1.1%	January 2023
Net unamortized debt issuance costs		(0.2	)		(0.4	)
Total Term Loan	$	99.8		$	99.6
Secured indebtedness:
Mortgage indebtedness – Fixed Rate	$	126.5		$	153.8		4.2%	4.4%	September 2022– May 2025
Mortgage indebtedness – Variable Rate		—			96.5		N/A	2.3%	N/A
Net unamortized debt issuance costs		(0.7	)		(1.0	)
Total Mortgage Indebtedness	$	125.8		$	249.3

(A) The interest rates reflected above for the senior notes represent the range of the coupon rate of the notes outstanding.  All other interest rates presented are a weighted average of the outstanding debt.  Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at December 31, 2021 and 2020.

(B) Effective interest rates ranged from 3.5% to 4.8% at December 31, 2021.

Senior Notes

The Company’s various fixed-rate senior notes have interest coupon rates that averaged 4.1% per annum at December 31, 2021 and 2020.  The senior notes may be redeemed prior to maturity based upon a yield maintenance calculation.  The fixed-rate senior notes were issued pursuant to indentures that contain certain covenants, including limitations on incurrence of debt, maintenance of unencumbered real estate assets and debt service coverage.  The covenants also require that the cumulative dividends declared or paid from December 31, 1993, through the end of the current period cannot exceed Funds From Operations (as defined in the agreement) plus an additional $20.0 million for the same period unless required to maintain REIT status.  Interest is paid semiannually in arrears.  At December 31, 2021 and 2020, the Company was in compliance with all of the financial covenants under the indentures.  

Term Loan

The Company maintains a term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC and KeyBank National Association, as syndication agents (the “Term Loan”).  The Term Loan accrues interest at a variable rate based on LIBOR) or the Alternative Base Rate, as defined in the facility, plus a specified spread based on the Company’s long-term senior unsecured debt ratings (1.0% at December 31, 2021).  The maturity date is January 2023.  The Company may increase the amount of the facility provided that lenders agree to certain terms.  The Company is required to comply with covenants similar to those contained in the Revolving Credit Facilities.  The Company was in compliance with these financial covenants at December 31, 2021 and 2020.

Mortgages Payable

Mortgages payable, collateralized by real estate with a net book value of $203.2 million at December 31, 2021, and related tenant leases are generally due in monthly installments of principal and/or interest.  Fixed contractual interest rates on mortgages payable range from approximately 3.6% to 4.9% per annum.  

Scheduled Principal Repayments

The scheduled principal payments of the Revolving Credit Facilities ($0 at December 31, 2021, Note 8) and unsecured and secured indebtedness, excluding extension options, as of December 31, 2021, are as follows (in thousands):

Year	Amount
2022	$	36,032
2023		223,573
2024		93,349
2025		481,204
2026		398,556
Thereafter		449,554
		1,682,268
Unamortized fair market value of assumed debt		1,165
Net unamortized debt issuance costs		(6,056	)
Total indebtedness	$	1,677,377

Total gross fees paid by the Company for the Revolving Credit Facilities and term loans in 2021, 2020 and 2019 aggregated $2.1 million, $2.6 million and $2.5 million, respectively.