Quarterly report pursuant to Section 13 or 15(d)

DEBT FINANCING

v3.22.1
DEBT FINANCING
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
DEBT FINANCING DEBT FINANCING
The Company's outstanding debt as of March 31, 2022 and December 31, 2021 is summarized as follows (dollars in thousands):
Interest Rate(1)
March 31, 2022 December 31, 2021
Credit Facility:
Revolving line of credit 1.70% $ 425,000  $ 490,000 
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 1.60% 125,000  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  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  75,000 
May 2031 Senior Unsecured Notes 3.00% 90,000  90,000 
August 2031 Senior Unsecured Notes 4.08% 50,000  50,000 
November 2031 Senior Unsecured Notes 2.81% 175,000  175,000 
2032 Senior Unsecured Notes 3.09% 100,000  100,000 
May 2033 Senior Unsecured Notes 3.10% 55,000  55,000 
November 2033 Senior Unsecured Notes 2.96% 125,000  — 
2036 Senior Unsecured Notes 3.06% 75,000  75,000 
Fixed rate mortgages payable 3.82% 302,860  303,944 
Total principal 3,007,860  2,948,944 
Unamortized debt issuance costs and debt premium, net
 (8,109) (8,013)
Total debt $ 2,999,751  $ 2,940,931 
(1)Represents the effective interest rate as of March 31, 2022. 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, 2022, the Company's unsecured credit facility provided for total borrowings of $1.550 billion (the "credit facility") consisting of the following components: (i) a revolving line of credit (the "Revolver") which provides for a total borrowing commitment up to $650.0 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"), (v) a $175.0 million tranche D term loan facility (the "Term Loan D") and (vi) a $125.0 million tranche E term loan facility (the "Term Loan E"). As of March 31, 2022, 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, 2022, the Company had outstanding letters of credit totaling $5.7 million and would have had the capacity to borrow remaining Revolver commitments of $219.3 million while remaining in compliance with the credit facility's financial covenants. At March 31, 2022, the Company was in compliance with all such covenants.
November 2030, November 2031, November 2033 and 2036 Senior Unsecured Notes
On November 9, 2021, the operating partnership as issuer, and the Company, entered into a Note Purchase Agreement (the "November 2021 Note Purchase Agreement") which provides for the private placement of $75.0 million of 2.72% senior unsecured notes due November 30, 2030 (the "November 2030 Notes"), $175.0 million of 2.81% senior unsecured notes due November 30, 2031 (the "November 2031 Notes"), $125.0 million of 2.96% senior unsecured notes due November 30, 2033 (the "November 2033 Notes") and $75.0 million of 3.06% senior unsecured notes due November 30, 2036 (the "2036 Notes" and together with the November 2030 Notes, November 2031 Notes, and November 2033 Notes, the "November 2021 Senior Unsecured Notes") to certain institutional investors. The November 2021 Senior Unsecured Notes are governed by the November 2021 Note Purchase Agreement. On December 14, 2021 the operating partnership issued the November 2030 Notes, November 2031 Notes and the 2036 Notes. On January 28, 2022 the operating partnership issued the November 2033 Notes.
Future Debt Obligations
Based on existing debt agreements in effect as of March 31, 2022, 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 2022 $ 3,289  $ (1,709) $ 1,580 
2023 376,813  (1,925) 374,888 
2024 696,964  (1,553) 695,411 
2025 227,185  (977) 226,208 
2026 212,322  (814) 211,508 
2027 212,369  (483) 211,886 
Thereafter 1,278,918  (648) 1,278,270 
$ 3,007,860  $ (8,109) $ 2,999,751