Quarterly report pursuant to Section 13 or 15(d)

DEBT FINANCING

v3.21.1
DEBT FINANCING
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
DEBT FINANCING DEBT FINANCING
The Company's outstanding debt as of March 31, 2021 and December 31, 2020 is summarized as follows (dollars in thousands):
Interest Rate(1)
March 31, 2021 December 31, 2020
Credit Facility:
Revolving line of credit 1.41% $ 190,500  $ 174,000 
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 
2030 Senior Unsecured Notes 2.99% 150,000  150,000 
2031 Senior Unsecured Notes 4.08% 50,000  50,000 
2032 Senior Unsecured Notes 3.09% 100,000  100,000 
Fixed rate mortgages payable 4.26% 222,549  223,614 
Total principal 1,938,049  1,922,614 
Unamortized debt issuance costs and debt premium, net
 (5,279) (5,643)
Total debt $ 1,932,770  $ 1,916,971 

(1)Represents the effective interest rate as of March 31, 2021. 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 March 31, 2021, 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 March 31, 2021, 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 March 31, 2021, the Company had outstanding letters of credit totaling $5.7 million and would have had the capacity to borrow remaining Revolver commitments of $303.8 million while remaining in compliance with the credit facility's financial covenants. At March 31, 2021, the Company was in compliance with all such covenants.
2026, May 2031 And 2033 Senior Unsecured Notes
As discussed in Note 13, on May 3, 2021, the Company's operating partnership entered into an agreement to issue $35.0 million of 2.16% senior unsecured notes due May 4, 2026 (the "2026 Notes"), $90.0 million of 3.00% senior unsecured notes due May 4, 2031 (the "May 2031 Notes") and $55.0 million of 3.10% senior unsecured notes due May 4, 2033 (the "2033 Notes") in a private placement to certain institutional investors.
Future Debt Obligations
Based on existing debt agreements in effect as of March 31, 2021, 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 2021 $ 6,605  $ (1,262) $ 5,343 
2022 4,374  (1,679) 2,695 
2023 376,813  (1,323) 375,490 
2024 462,464  (950) 461,514 
2025 227,185  (375) 226,810 
2026 177,322  (250) 177,072 
Thereafter 683,286  560  683,846 
$ 1,938,049  $ (5,279) $ 1,932,770