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REVOLVING CREDIT FACILITY | 9 Months Ended
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Sep. 30, 2022
REVOLVING CREDIT FACILITY |
REVOLVING CREDIT FACILITY | 8. REVOLVING CREDIT FACILITY ​ On December 9, 2011, the Company entered into a credit agreement (the “Credit Facility”). On June 19, 2019, the Company amended and restated, in its entirety, the Credit Facility (the “Amended and Restated Credit Facility”) which, subsequent to the amendment and restatement, is comprised of a $750.0 million unsecured revolving facility (the “Revolver”) maturing on June 19, 2024. Under the Amended and Restated Credit Facility, pricing on the Revolver is dependent upon the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at a rate of 1.10% over LIBOR, inclusive of a facility fee of 0.15%. ​ As of September 30, 2022, borrowings under the Revolver had an effective interest rate of 4.24%. Additionally, as of September 30, 2022, $663.4 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.6 million. ​ Under the Amended and Restated Credit Facility, the Company’s ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include, among other things, (1) a maximum total indebtedness to total asset value of 60.0%, and (2) a minimum fixed charge coverage ratio of 1.5:1.0. As of September 30, 2022, the Company was in compliance with all of its financial covenants related to the Amended and Restated Credit Facility. ​ Subsequent to September 30, 2022, the Company amended and restated, in its entirety, the Credit Facility (see note 17).

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