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UNSECURED AND SECURED DEBT (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments |
| December 31,
| 2021 |  | 2020
| (In thousands)
Unsecured bank credit facilities - variable rate, carrying amount | $ | 209,210 |  |  | 125,000 |
Unamortized debt issuance costs | (2,144) |  |  | (806) |
Unsecured bank credit facilities, net of debt issuance costs | 207,066 |  |  | 124,194 |
Unsecured debt - fixed rate, carrying amount (1) | 1,245,000 |  |  | 1,110,000 |
Unamortized debt issuance costs | (2,430) |  |  | (2,292) |
Unsecured debt, net of debt issuance costs | 1,242,570 |  |  | 1,107,708 |
Secured debt - fixed rate, carrying amount (1) | 2,156 |  |  | 79,096 |
Unamortized debt issuance costs | (14) |  |  | (103) |
Secured debt, net of debt issuance costs | 2,142 |  |  | 78,993 |
Total debt, net of debt issuance costs | $ | 1,451,778 |  |  | 1,310,895 |
(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.
Schedule of unsecured debt | A summary of the carrying amount of Unsecured debt follows:
|  |  |  |  |  |  | Balance at December 31,
| Margin Above LIBOR |  | Interest Rate |  | Maturity Date |  | 2021 |  | 2020
|  |  |  |  |  |  | (In thousands)
$40 Million Unsecured Term Loan (1) | 1.10% |  | 2.34% |  | 07/30/2021 |  | $ | — |  |  | 40,000 |
$75 Million Unsecured Term Loan (1) | 1.40% |  | 3.03% |  | 02/28/2022 |  | 75,000 |  |  | 75,000 |
$65 Million Unsecured Term Loan (1) | 1.10% |  | 2.31% |  | 04/01/2023 |  | 65,000 |  |  | 65,000 |
$70 Million Senior Unsecured Notes: |  |  |  |  |  |  |  |  |
$50 Million Notes | Not applicable |  | 3.80% |  | 08/28/2023 |  | 50,000 |  |  | 50,000 |
$20 Million Notes | Not applicable |  | 3.80% |  | 08/28/2025 |  | 20,000 |  |  | 20,000 |
$60 Million Senior Unsecured Notes | Not applicable |  | 3.46% |  | 12/13/2024 |  | 60,000 |  |  | 60,000 |
$100 Million Senior Unsecured Notes: |  |  |  |  |  |  |  |  |
$60 Million Notes | Not applicable |  | 3.48% |  | 12/15/2024 |  | 60,000 |  |  | 60,000 |
$40 Million Notes | Not applicable |  | 3.75% |  | 12/15/2026 |  | 40,000 |  |  | 40,000 |
$25 Million Senior Unsecured Notes | Not applicable |  | 3.97% |  | 10/01/2025 |  | 25,000 |  |  | 25,000 |
$50 Million Senior Unsecured Notes | Not applicable |  | 3.99% |  | 10/07/2025 |  | 50,000 |  |  | 50,000 |
$60 Million Senior Unsecured Notes | Not applicable |  | 3.93% |  | 04/10/2028 |  | 60,000 |  |  | 60,000 |
$80 Million Senior Unsecured Notes | Not applicable |  | 4.27% |  | 03/28/2029 |  | 80,000 |  |  | 80,000 |
$35 Million Senior Unsecured Notes | Not applicable |  | 3.54% |  | 08/15/2031 |  | 35,000 |  |  | 35,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 3.47% |  | 08/19/2029 |  | 75,000 |  |  | 75,000 |
$100 Million Unsecured Term Loan (1) (2) | 0.85% |  | 2.10% |  | 10/10/2026 |  | 100,000 |  |  | 100,000 |
$100 Million Unsecured Term Loan (1) | 1.45% |  | 2.39% |  | 03/25/2027 |  | 100,000 |  |  | 100,000 |
$100 Million Senior Unsecured Notes | Not applicable |  | 2.61% |  | 10/14/2030 |  | 100,000 |  |  | 100,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 2.71% |  | 10/14/2032 |  | 75,000 |  |  | 75,000 |
$50 Million Unsecured Term Loan (1) | 1.00% |  | 1.55% |  | 03/18/2025 |  | 50,000 |  |  | — |
$125 Million Senior Unsecured Notes | Not applicable |  | 2.74% |  | 06/10/2031 |  | 125,000 |  |  | — |
|  |  |  |  |  |  | $ | 1,245,000 |  |  | 1,110,000 |
(1)The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2021. (2)This term loan was refinanced during 2021. Effective October 10, 2021, the margin above LIBOR was reduced from 1.50% to 0.85% reducing the effectively fixed rate from 2.75% to 2.10%.
Schedule of secured debt | A summary of the carrying amount of Secured debt follows:
|  | Interest Rate |  | Monthly Principal & Interest Payment |  | Maturity Date |  | Carrying Amount of Securing Real Estate at December 31, 2021 |  | Balance at December 31,
Property |  |  |  |  |  | 2021 |  | 2020
|  |  |  |  |  |  |  | (In thousands)
Colorado Crossing Distribution Center, Interstate Warehouse 1-3, Rojas Commerce Park, Steele Creek Commerce Park 1 & 2, Venture Warehouses and World Houston Int’l Business Ctr 3, 4 & 6-9 |  | 4.75% |  | 420,045 |  |  | Repaid |  | $ | — |  |  | — |  |  | 41,610 |
Arion Business Park 18, Beltway Crossing Business Park 6 & 7, Commerce Park Center 2 & 3, Concord Distribution Center, Interstate Warehouse 5-7, Lakeview Business Center, Ridge Creek Distribution Center 2, Southridge Commerce Park 4 & 5 and World Houston Int’l Business Ctr 32 |  | 4.09% |  | 329,796 |  |  | Repaid |  | — |  |  | — |  |  | 35,220 |
Ramona Distribution Center |  | 3.85% |  | 16,287 |  |  | 11/30/2026 |  | 8,515 |  |  | 2,156 |  |  | 2,266 |
|  |  |  |  |  |  |  | $ | 8,515 |  |  | 2,156 |  |  | 79,096 |
Principal payments due during the next five years | Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs and Secured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2021 are as follows:
Years Ending December 31, |  | (In thousands)
2022 |  | $ | 75,115 |
2023 |  | 115,119 |
2024 |  | 120,122 |
2025 |  | 145,128 |
2026 |  | 141,672 |

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