Notes and Bonds Payable

3 Months Ended

Mar. 31, 2022

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 3/31/2022
Dollars in thousands		3/31/2022		12/31/2021
$700 million Unsecured Credit Facility	5/23	$	334,000	$	210,000	1.35	%
$200 million Unsecured Term Loan due 2024, net of issuance costs 1	5/24	199,516		199,460		2.03	%
$150 million Unsecured Term Loan due 2026, net of issuance costs 2	6/26	149,412		149,376		2.52	%
Senior Notes due 2025, net of discount and issuance costs 3	5/25	249,107		249,040		4.08	%
Senior Notes due 2028, net of discount and issuance costs	1/28	296,738		296,612		3.84	%
Senior Notes due 2030, net of discount and issuance costs 4	3/30	296,901		296,813		2.71	%
Senior Notes due 2031, net of discount and issuance costs	3/31	295,487		295,374		2.24	%
Mortgage notes payable, net of discounts and issuance costs and including premiums	8/23-12/26	86,277		104,650		3.97	%
		$	1,907,438	$	1,801,325

1The 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).

2The 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 95 basis points).

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

4The 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

Mortgage payoffs

On February 18, 2022, the Company repaid in full a mortgage note payable bearing interest at a rate of 4.70% that encumbered a 56,762 square foot property in California. The aggregate payoff price of $12.6 million consisted of outstanding principal of $11.0 million and a "make-whole" amount of approximately $1.6 million. The unamortized premium of $0.8 million and the unamortized cost on this note of $0.1 million were written off upon payoff.

On February 24, 2022, the Company repaid in full a mortgage note payable bearing interest at a rate of 6.17% that encumbered a 80,153 square foot property in Colorado, in conjunction with the disposition of the property. The aggregate payoff price of $6.4 million consisted of outstanding principal of $5.8 million and a "make-whole" amount of approximately $0.6 million. The unamortized premium of $0.1 million was written off upon payoff.