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UNSECURED AND SECURED DEBT (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments |
| December 31,
| 2022 |  | 2021
| (In thousands)
Unsecured bank credit facilities - variable rate, carrying amount | $ | 170,000 |  |  | 209,210 |
Unamortized debt issuance costs | (1,546) |  |  | (2,144) |
Unsecured bank credit facilities, net of debt issuance costs | 168,454 |  |  | 207,066 |
Unsecured debt - fixed rate, carrying amount (1) | 1,695,000 |  |  | 1,245,000 |
Unamortized debt issuance costs | (3,741) |  |  | (2,430) |
Unsecured debt, net of debt issuance costs | 1,691,259 |  |  | 1,242,570 |
Secured debt - fixed rate, carrying amount (1) | 2,041 |  |  | 2,156 |
Unamortized debt issuance costs | (10) |  |  | (14) |
Secured debt, net of debt issuance costs | 2,031 |  |  | 2,142 |
Total debt, net of debt issuance costs | $ | 1,861,744 |  |  | 1,451,778 |
(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 |  | Interest Rate |  | Maturity Date |  | 2022 |  | 2021
|  |  |  |  |  |  | (In thousands)
$75 Million Unsecured Term Loan (1) | 1.40% |  | 3.03% |  | 02/28/2022 |  | $ | — |  |  | 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 (2) (3) | 0.95% |  | 2.10% |  | 10/10/2026 |  | 100,000 |  |  | 100,000 |
$100 Million Unsecured Term Loan (2) (4) | 0.95% |  | 1.80% |  | 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 (2) (5) | 1.10% |  | 1.58% |  | 03/18/2025 |  | 50,000 |  |  | 50,000 |
$125 Million Senior Unsecured Notes | Not applicable |  | 2.74% |  | 06/10/2031 |  | 125,000 |  |  | 125,000 |
$100 Million Unsecured Term Loan (2) | 1.40% |  | 3.06% |  | 09/29/2028 |  | 100,000 |  |  | — |
$150 Million Senior Unsecured Notes | Not applicable |  | 3.03% |  | 04/20/2032 |  | 150,000 |  |  | — |
$125 Million Unsecured Term Loans (2): |  |  |  |  |  |  |  |  |
$50 Million Loan | 0.95% |  | 4.09% |  | 08/30/2024 |  | 50,000 |  |  | — |
$75 Million Loan | 0.95% |  | 4.00% |  | 08/31/2027 |  | 75,000 |  |  | — |
$150 Million Senior Unsecured Notes: |  |  |  |  |  |  |  |  |
$75 Million Notes | Not applicable |  | 4.90% |  | 10/12/2033 |  | 75,000 |  |  | — |
$75 Million Notes | Not applicable |  | 4.95% |  | 10/12/2034 |  | 75,000 |  |  | — |
|  |  |  |  |  |  | $ | 1,695,000 |  |  | 1,245,000 |
(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, 2022. (2)The interest rates on these unsecured term loans are comprised of Term Secured Overnight Financing Rate (“SOFR”) 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’ Term SOFR 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, 2022. (3)This term loan was refinanced effective October 10, 2021. The margin above LIBOR was reduced by 65 basis points, changing the effectively fixed rate from 2.75% to 2.10%. Also, effective August 31, 2022, the loan was amended to replace LIBOR with Term SOFR. (4)This term loan was amended and refinanced effective March 25, 2022. The margin was reduced by approximately 60 basis points, changing the effectively fixed rate from 2.39% to 1.80%, and LIBOR was replaced with Term SOFR. (5)This term loan was amended effective December 19, 2022 to replace LIBOR with Term SOFR.
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, 2022 |  | Balance at December 31,
Property |  |  |  |  |  | 2022 |  | 2021
|  |  |  |  |  |  |  | (In thousands)
Ramona Distribution Center |  | 3.85% |  | $ | 16,287 |  |  | 11/30/2026 |  | $ | 8,333 |  |  | 2,041 |  |  | 2,156 |
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, 2022 are as follows:
Years Ending December 31, |  | (In thousands)
2023 |  | $ | 115,119 |
2024 |  | 170,122 |
2025 |  | 145,128 |
2026 |  | 141,672 |
2027 |  | 175,000 |

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