Quarterly report pursuant to Section 13 or 15(d)

DEBT FINANCING (Tables)

v3.22.1
DEBT FINANCING (Tables)
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
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.
Schedule of Future Debt Maturities
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