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UNSECURED SENIOR NOTES | 3 Months Ended
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Mar. 31, 2017
UNSECURED SENIOR NOTES |
UNSECURED SENIOR NOTES | 6. UNSECURED SENIOR NOTES The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”):
|  | March 31, |  | December 31, |  | Effective |  | Issuance |  | Maturity |
Unsecured Senior Notes |  | 2017 |  | 2016 |  | Interest Rate |  | Date |  | Date |
|  | (in thousands) |  |  |  |  |  |  |  |
$250M 4.800% Guaranteed Notes due 2022 |  | $ | 250,000 |  | $ | 250,000 |  | 4.82 | % |  | Jun-12 |  | Jul-22 |
$250M 4.375% Guaranteed Notes due 2023 (1) |  |  | 250,000 |  |  | 250,000 |  | 4.50 | % |  | Dec-13 |  | Dec-23 |
$250M 4.000% Guaranteed Notes due 2025 (1) |  |  | 250,000 |  |  | 250,000 |  | 4.03 | % |  | Oct-15 |  | Nov-25 |
$300M 3.125% Guaranteed Notes due 2026 |  |  | 300,000 |  |  | 300,000 |  | 3.18 | % |  | Aug-16 |  | Sep-26 |
Principal balance outstanding |  |  | 1,050,000 |  |  | 1,050,000 |  |  |  |  |  |  |  |
Less: Discount on issuance of unsecured senior |  |  |  |  |  |  |  |  |  |  |  |  |  |
notes, net |  |  | (3,846) |  |  | (3,971) |  |  |  |  |  |  |  |
Less: Loan procurement costs, net |  |  | (6,731) |  |  | (6,953) |  |  |  |  |  |  |  |
Total unsecured senior notes, net |  | $ | 1,039,423 |  | $ | 1,039,076 |  |  |  |  |  |  |  |
| (1) |  | On April 4, 2017, the Operating Partnership issued an additional $50.0 million of its 4.375% Senior Notes due 2023 and an additional $50.0 million of its 4.000% Senior Notes due 2025 (see note 16).
The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of March 31, 2017, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

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