| Schedule of debt |
The Company's outstanding debt as of September 30, 2021 and December 31, 2020 is summarized as follows (dollars in thousands):
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Interest Rate(1)
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September 30, 2021 |
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December 31, 2020 |
Credit Facility: |
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| Revolving line of credit |
1.38% |
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$ |
— |
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$ |
174,000 |
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| Term loan A |
3.74% |
|
125,000 |
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|
125,000 |
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| Term loan B |
2.91% |
|
250,000 |
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|
250,000 |
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| Term loan C |
2.91% |
|
225,000 |
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|
225,000 |
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| Term loan D |
3.12% |
|
175,000 |
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|
175,000 |
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| Term loan E |
1.28% |
|
125,000 |
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— |
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| 2023 Term loan facility |
2.83% |
|
175,000 |
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|
175,000 |
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| 2028 Term loan facility |
4.62% |
|
75,000 |
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|
75,000 |
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| 2029 Term loan facility |
4.27% |
|
100,000 |
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|
100,000 |
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| 2026 Senior Unsecured Notes |
2.16% |
|
35,000 |
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— |
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| 2029 Senior Unsecured Notes |
3.98% |
|
100,000 |
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100,000 |
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| 2030 Senior Unsecured Notes |
2.99% |
|
150,000 |
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150,000 |
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| May 2031 Senior Unsecured Notes |
3.00% |
|
90,000 |
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—
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| August 2031 Senior Unsecured Notes |
4.08% |
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50,000 |
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50,000 |
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| 2032 Senior Unsecured Notes |
3.09% |
|
100,000 |
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100,000 |
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| 2033 Senior Unsecured Notes |
3.10% |
|
55,000 |
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— |
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| Fixed rate mortgages payable |
3.83% |
|
305,005 |
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|
223,614 |
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| Total principal |
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|
2,135,005 |
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|
1,922,614 |
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Unamortized debt issuance costs and debt premium, net |
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(6,520) |
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(5,643) |
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| Total debt |
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$ |
2,128,485 |
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$ |
1,916,971 |
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(1)Represents the effective interest rate as of September 30, 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.
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| Schedule of future debt maturities |
Based on existing debt agreements in effect as of September 30, 2021, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (in thousands):
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| Year Ending December 31, |
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Scheduled Principal and Maturity Payments |
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Amortization of Premium and Unamortized Debt Issuance Costs |
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Total |
| Remainder of 2021 |
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$ |
1,060 |
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$ |
(502) |
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$ |
558 |
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| 2022 |
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4,374 |
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(2,015) |
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2,359 |
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| 2023 |
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376,813 |
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(1,659) |
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375,154 |
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| 2024 |
|
271,964 |
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(1,286) |
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|
270,678 |
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| 2025 |
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227,185 |
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(710) |
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226,475 |
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| 2026 |
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212,322 |
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(553) |
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211,769 |
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| Thereafter |
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1,041,287 |
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|
205 |
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1,041,492 |
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$ |
2,135,005 |
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$ |
(6,520) |
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$ |
2,128,485 |
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