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Notes and Bonds Payable
 6 Months Ended
Jun. 30, 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 6/30/2020

Dollars in thousands
6/30/2020

12/31/2019

$700 million Unsecured Credit Facility
5/23
$
—

$
293,000

N/A

$200 million Unsecured Term Loan Facility, net of issuance costs 1
5/24
199,124

199,013

2.00
%
$150 million Unsecured Term Loan due 2026 2
6/26
149,431

—

3.15
%
Senior Notes due 2023, net of discount and issuance costs
4/23
248,756

248,540

3.95
%
Senior Notes due 2025, net of discount and issuance costs 3
5/25
248,647

248,522

4.08
%
Senior Notes due 2028, net of discount and issuance costs
1/28
295,885

295,651

3.84
%
Senior Notes due 2030, net of discount and issuance costs 4
3/30
296,299

—

2.71
%
Mortgage notes payable, net of discounts and issuance costs and including premiums
1/21-4/27
116,794

129,343

4.38
%
 
 
$
1,554,936

$
1,414,069

 

1
The effective interest rate includes the impact of interest rate swaps on $75.0 million at a weighted average rate of 2.37% (plus the applicable margin rate, currently 100 basis points).
2
The effective interest rate includes the impact of interest rate swaps on $100.0 million at a weighted average rate of 2.23% (plus the applicable margin rate, currently 160 basis points).
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 forward interest rate hedges 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.
On May 4, 2020, the Company repaid in full a mortgage note payable bearing interest at a rate of 5.74% per annum with an outstanding principal of $0.3 million. The mortgage note encumbered an 83,318 square foot property in Iowa.
On May 29, 2020, the Company borrowed $150.0 million from its unsecured term loan due 2026.
On June 2, 2020, the Company repaid in full a mortgage note payable bearing interest at a rate of 6.44% per annum with an outstanding principal of $12.6 million. The mortgage note encumbered a 67,510 square foot property in Washington.
On June 25, 2020, the Company repaid in full three bonds bearing interest at rates of 5.63%, 6.63% and 6.88% per annum with outstanding principal of $0.5 million, $2.8 million, and $7.0 million, respectively. The bonds encumbered a 60,476 square foot property in Minnesota.