XML 22 R13.htm IDEA: XBRL DOCUMENT
v3.22.2

Notes Payable | 6 Months Ended
--- | ---
Jun. 30, 2022
Notes Payable [Abstract] |
Notes Payable | 7. Notes Payable The following is a summary of our indebtedness:
(in millions) |  | June 30, 2022 |  | December 31, 2021
Commercial banks |  |  |  |
2.88% Term Loan, due 2022 |  | $ | 40.0 |  |  | $ | 39.9 |
2.03% Unsecured credit facility |  | 50.0 |  |  | — |
|  | $ | 90.0 |  |  | $ | 39.9 |
Senior unsecured notes |  |  |  |
3.15% Notes, due 2022 |  | $ | 349.7 |  |  | $ | 349.3 |
5.07% Notes, due 2023 |  | 249.6 |  |  | 249.3 |
4.36% Notes, due 2024 |  | 249.6 |  |  | 249.5 |
3.68% Notes, due 2024 |  | 249.0 |  |  | 248.8 |
3.74% Notes, due 2028 |  | 398.0 |  |  | 397.8 |
3.67% Notes, due 2029 (1) |  | 595.2 |  |  | 594.9 |
2.91% Notes, due 2030 |  | 744.4 |  |  | 744.1 |
3.41% Notes, due 2049 |  | 296.8 |  |  | 296.8 |
|  | $ | 3,132.3 |  |  | $ | 3,130.5 |
Total unsecured notes payable |  | $ | 3,222.3 |  |  | $ | 3,170.4 |
Secured notes |  |  |  |
Master Credit Facilities |  |  |  |
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 |  | $ | 291.2 |  |  | $ | — |
3.14% Variable Rate Notes, due 2026 |  | 166.1 |  |  | — |
3.44% Variable Rate Construction Note, due 2024 |  | 18.8 |  |  | — |
3.87% note, due 2028 |  | 38.6 |  |  | — |
Total secured notes payable |  | $ | 514.7 |  |  | $ | — |
Total notes payable (2) |  | $ | 3,737.0 |  |  | $ | 3,170.4 |
(1) The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%. (2) Unamortized debt discounts, debt issuance costs and fair market value adjustments of $20.0 million and $19.6 million are included in notes payable as of June 30, 2022 and December 31, 2021, respectively. We have a $900 million unsecured credit facility which matures in March 2023, with two options to further extend the facility at our election for two additional six-month periods and may be expanded three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rate on our unsecured credit facility is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under our credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $450 million or the remaining amount available under our credit facility. Our credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of June 30, 2022 and through the date of this filing. Our unsecured credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At June 30, 2022, we had $50.0 million outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $14.3 million, leaving approximately $835.7 million available under our unsecured credit facility. As a result of the acquisition of the Funds on April 1, 2022, we assumed approximately $514.6 million of secured mortgage loans with maturity dates ranging from 2024 to 2028 and effective interest rates ranging from 2.47% to 4.04%. These secured mortgage loans consist of a variable rate construction loan, a fixed rate cross-collateralized and cross-defaulted note between three operating properties, and two cross-collateralized and cross-defaulted master credit facilities with Fannie Mae. In connection with the assumed secured mortgage loans discussed above, we recorded an approximate $2.4 million fair value adjustment which is being amortized over the respective debt terms as an increase to interest expense. We recorded amortization of the fair value adjustment of approximately $0.1 million during the three and six months ended June 30, 2022. We had outstanding floating rate debt of approximately $274.9 million and $39.8 million at June 30, 2022 and 2021, respectively. The weighted average interest rate on such debt was approximately 2.9% and 1.9% for the six months ended June 30, 2022 and 2021, respectively. Our indebtedness had a weighted average maturity of approximately 6.6 years at June 30, 2022. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at June 30, 2022:
(in millions) |  | Amount (1) |  | Weighted Average Interest Rate (2)
Remainder of 2022 |  | $ | 387.9 |  |  | 3.1 | %
2023 |  | 246.7 |  |  | 5.1 |
2024 (3) |  | 566.5 |  |  | 3.8 |
2025 |  | (2.2) |  |  | — |
2026 |  | 188.9 |  |  | 3.3 |
Thereafter |  | 2,349.2 |  |  | 3.5 |
Total |  | $ | 3,737.0 |  |  | 3.6 | %
(1)Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments. (2)Includes the effects of the applicable settled forward interest rate swaps. (3)Includes $50.0 million of borrowings outstanding under our unsecured credit facility and includes all available extension options.

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_NotesPayableAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration