Notes and Bonds Payable

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Notes and Bonds Payable

Notes and Bonds Payable

The table below details the Company’s notes and bonds payable. 

	MATURITY DATES	BALANCE AS OF				EFFECTIVE INTEREST RATE as of 3/31/2020
Dollars in thousands		3/31/2020		12/31/2019
$700 million Unsecured Credit Facility	5/23	$	215,000	$	293,000	1.89	%
$200 million Unsecured Term Loan Facility, net of issuance costs 1	5/24	199,069		199,013		3.20	%
$150 million Unsecured Term Loan due 2026 2	6/26	—		—		N/A
Senior Notes due 2023, net of discount and issuance costs	4/23	248,647		248,540		3.95	%
Senior Notes due 2025, net of discount and issuance costs 3	5/25	248,584		248,522		4.08	%
Senior Notes due 2028, net of discount and issuance costs	1/28	295,768		295,651		3.84	%
Senior Notes due 2030, net of discount and issuance costs 4	3/30	296,211		—		2.71	%
Mortgage notes payable, net of discounts and issuance costs and including premiums	7/20-5/40	141,175		129,343		4.70	%
		$	1,644,454	$	1,414,069

1 The effective interest rate includes the impact of interest rate swaps on $175.0 million at a weighted average rate of 2.29% (plus the applicable margin rate, currently 100 basis points).

2 As of March 31, 2020, there were no outstanding loans under the $150.0 million unsecured term loan due June 2026. This term loan has a delayed draw feature that allows the Company until May 29, 2020 to draw against the commitments.

3 The effective interest rate includes the impact of the $1.7 million settlement of a forward-starting interest rate swap that is included in Accumulated other comprehensive loss on the Company's Condensed Consolidated Balance Sheets.

4 The effective interest rate includes the impact of the $4.3 million settlement of a forward-starting interest rate swap that is included in Accumulated other comprehensive loss on the Company's Condensed Consolidated Balance Sheets.

Changes in Debt Structure

On February 3, 2020, the Company repaid in full a mortgage note payable bearing interest at a rate of 6.10% per annum with an outstanding principal of $5.9 million. The mortgage note encumbered a 68,860 square foot property in Oklahoma.

On March 4, 2020, the Company issued $300.0 million of unsecured senior notes due 2030 (the "Senior Notes due 2030") in a registered public offering. The Senior Notes due 2030 bear interest at 2.40%, payable semi-annually on March 15 and September 15, beginning September 15, 2020, and are due on March 15, 2030, unless redeemed earlier by the Company. The notes were issued at a discount of approximately $1.0 million and the Company incurred approximately $2.8 million in debt issuance costs. Concurrent with this transaction, the Company settled two treasury rate locks for $4.3 million. Inclusive of the discount, debt issuance costs and settlement of the treasury rate locks, the effective interest rate was 2.71%. The Senior Notes due 2030 have various financial covenants that are required to be met on a quarterly and annual basis.