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REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS (Tables) | 12 Months Ended
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Dec. 31, 2017
Credit Facility and Term Loan Facility |
Summary of debt |
|  | Carrying Value as of: |  | Effective Interest |  |  |
|  | December 31, |  | December 31, |  | Rate as of |  | Maturity |
Unsecured Term Loans |  | 2017 |  | 2016 |  | December 31, 2017 (1) |  | Date |
|  | (in thousands) |  |  |  |  |  |
Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Unsecured term loan |  | $ | 200,000 |  | $ | 200,000 |  | 2.86 | % |  | Jan-19 |
Term Loan Facility |  |  |  |  |  |  |  |  |  |  |  |
Unsecured term loan (2) |  |  | — |  |  | 100,000 |  | — | % |  | Jun-18 |
Unsecured term loan (3) |  |  | 100,000 |  |  | 100,000 |  | 3.62 | % |  | Jan-20 |
Principal balance outstanding |  |  | 300,000 |  |  | 400,000 |  |  |  |  |  |
Less: Loan procurement costs, net |  |  | (604) |  |  | (1,251) |  |  |  |  |  |
Total unsecured term loans, net |  | $ | 299,396 |  | $ | 398,749 |  |  |  |  |  |
| (1) |  | Pricing on the Term Loan Facility and the unsecured term loan under the Credit Facility is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the term loan scheduled to mature in January 2019 are priced at 1.30% over LIBOR, while amounts drawn under the term loan scheduled to mature in January 2020 are priced at 1.15% over LIBOR, excluding the impact of interest rate swaps. As of December 31, 2017, borrowings under the Credit Facility, inclusive of the Revolver, and Term Loan Facility, as amended and after giving effect to the interest rate swaps, had an effective weighted average interest rate of 3.05%.
| (2) |  | On April 6, 2017, the Company used the net proceeds from the issuance of $50.0 million of its 4.375% Senior Notes due 2023 and $50.0 million of its 4.000% Senior Notes due 2025 to repay all of the outstanding indebtedness under its unsecured term loan that was scheduled to mature in June 2018. Unamortized loan procurement costs of $0.2 million were written off in conjunction with the repayment.
| (3) |  | As of December 31, 2017, the Company had interest rate swaps in place on these borrowings that fix 30-day LIBOR (see note 10).

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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