Quarterly report pursuant to Section 13 or 15(d)

DEBT FINANCING

v3.20.2
DEBT FINANCING
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
DEBT FINANCING DEBT FINANCING
The Company's outstanding debt as of June 30, 2020 and December 31, 2019 is summarized as follows (dollars in thousands):
Interest Rate(1)
June 30, 2020 December 31, 2019
Credit Facility:
Revolving line of credit 1.46% $ 211,000    $ —   
Term loan A 3.74% 125,000    125,000   
Term loan B 2.91% 250,000    250,000   
Term loan C 2.80% 225,000    225,000   
Term loan D 3.57% 175,000    175,000   
2023 Term loan facility 2.83% 175,000    175,000   
2028 Term loan facility 4.62% 75,000    75,000   
2029 Term loan facility 4.27% 100,000    100,000   
2029 Senior Unsecured Notes 3.98% 100,000    100,000   
2031 Senior Unsecured Notes 4.08% 50,000    50,000   
Fixed rate mortgages payable 4.18% 260,349    264,260   
Total principal 1,746,349    1,539,260   
Unamortized debt issuance costs and debt premium, net
(4,805)   (5,213)  
Total debt $ 1,741,544    $ 1,534,047   

(1)Represents the effective interest rate as of June 30, 2020. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings.
As of June 30, 2020, the Company's unsecured credit facility provided for total borrowings of $1.275 billion (the "credit facility"). The credit facility consists of the following components: (i) a revolving line of credit (the "Revolver") which provides for a total borrowing commitment up to $500.0 million, under which the Company may borrow, repay and re-borrow amounts, (ii) a $125.0 million tranche A term loan facility (the "Term Loan A"), (iii) a $250.0 million tranche B term loan facility (the "Term Loan B"), (iv) a $225.0 million tranche C term loan facility (the "Term Loan C"), and (v) a $175.0 million tranche D term loan facility (the "Term Loan D"). As of June 30, 2020, the Company had an expansion option under the credit facility, which, if exercised in full, would provide for a total credit facility of $1.750 billion.
As of June 30, 2020, the Company had outstanding letters of credit totaling $5.7 million and would have had the capacity to borrow remaining Revolver commitments of $283.3 million while remaining in compliance with the credit facility's financial covenants. At June 30, 2020, the Company was in compliance with all such covenants.
For a summary of the Company's financial covenants and additional detail regarding the Company's credit facility, 2023 Term Loan Facility, 2028 Term Loan Facility, 2029 Term Loan Facility, 2029 Senior Unsecured Notes, 2031 Senior Unsecured Notes and fixed rate mortgages payable, please see Note 8 to the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC.
2030 And 2032 Senior Unsecured Notes
As discussed in Note 14, on August 4, 2020, the Company's operating partnership entered into an agreement to issue $150.0 million of 2.99% senior unsecured notes due August 5, 2030 and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 in a private placement to certain institutional investors.
Future Debt Obligations
Based on existing debt agreements in effect as of June 30, 2020, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (in thousands):
Year Ending December 31, Scheduled Principal and Maturity Payments Amortization of Premium and Unamortized Debt Issuance Costs Total
Remainder of 2020 $ 36,736    $ (749)   $ 35,987   
2021 7,603    (1,510)   6,093   
2022 4,205    (1,512)   2,693   
2023 377,049    (1,159)   375,890   
2024 482,964    (790)   482,174   
2025 227,185    (218)   226,967   
Thereafter 610,607    1,133    611,740   
$ 1,746,349    $ (4,805)   $ 1,741,544