Annual report pursuant to Section 13 and 15(d)

DEBT FINANCING (Tables)

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DEBT FINANCING (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of debt
The Company's outstanding debt as of December 31, 2021 and 2020 is summarized as follows (dollars in thousands):
December 31,
Interest Rate(1)
2021 2020
Credit Facility:
Revolving line of credit 1.35% $ 490,000  $ 174,000 
Term loan A 3.69% 125,000  125,000 
Term loan B 2.86% 250,000  250,000 
Term loan C 2.86% 225,000  225,000 
Term loan D 3.07% 175,000  175,000 
Term loan E 1.25% 125,000  — 
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 
2026 Senior Unsecured Notes 2.16% 35,000  — 
2029 Senior Unsecured Notes 3.98% 100,000  100,000 
August 2030 Senior Unsecured Notes 2.99% 150,000  150,000 
November 2030 Senior Unsecured Notes 2.72% 75,000  — 
May 2031 Senior Unsecured Notes 3.00% 90,000  — 
August 2031 Senior Unsecured Notes 4.08% 50,000  50,000 
November 2031 Senior Unsecured Notes 2.81% 175,000  — 
2032 Senior Unsecured Notes 3.09% 100,000  100,000 
May 2033 Senior Unsecured Notes 3.10% 55,000  — 
2036 Senior Unsecured Notes 3.06% 75,000  — 
Fixed rate mortgages payable 3.82% 303,944  223,614 
Total principal 2,948,944  1,922,614 
Unamortized debt issuance costs and debt premium, net
(8,013) (5,643)
Total debt $ 2,940,931  $ 1,916,971 

(1)Represents the effective interest rate as of December 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.
Schedule of future debt maturities
Based on existing debt agreements in effect as of December 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 Premium Amortization and Unamortized Debt Issuance Costs Total
2022 $ 4,374  $ (2,228) $ 2,146 
2023 376,813  (1,872) 374,941 
2024 761,964  (1,499) 760,465 
2025 227,185  (923) 226,262 
2026 212,322  (761) 211,561 
Thereafter $ 1,366,286  $ (730) $ 1,365,556 
$ 2,948,944  $ (8,013) $ 2,940,931