XML 37 R24.htm IDEA: XBRL DOCUMENT
v3.22.1

Indebtedness (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Debt Disclosure [Abstract] |
Summary of Indebtedness | The following table discloses certain information regarding our indebtedness:
| Outstanding Balance at |  | Interest Rate at March 31, 2022 |  | Effective Interest Rate at Issuance |  | Maturity Date |
| March 31, 2022 |  | December 31, 2021 |  |
Mortgage Loans Payable, Gross | $ | 78,980 |  |  | $ | 79,764 |  |  | 4.03% – 4.17% |  | 4.03% – 4.17% |  | September 2022 – August 2028 |
Unamortized Debt Issuance Costs | (56) |  |  | (90) |  |  |  |  |  |  |  |
Mortgage Loans Payable, Net | $ | 78,924 |  |  | $ | 79,674 |  |  |  |  |  |  |  |
Senior Unsecured Notes, Gross |  |  |  |  |  |  |  |  |  |
2027 Notes | 6,070 |  |  | 6,070 |  |  | 7.15% |  | 7.11% |  | 5/15/2027 |
2028 Notes | 31,901 |  |  | 31,901 |  |  | 7.60% |  | 8.13% |  | 7/15/2028 |
2032 Notes | 10,600 |  |  | 10,600 |  |  | 7.75% |  | 7.87% |  | 4/15/2032 |
2027 Private Placement Notes | 125,000 |  |  | 125,000 |  |  | 4.30% |  | 4.30% |  | 4/20/2027 |
2028 Private Placement Notes | 150,000 |  |  | 150,000 |  |  | 3.86% |  | 3.86% |  | 2/15/2028 |
2029 Private Placement Notes | 75,000 |  |  | 75,000 |  |  | 4.40% |  | 4.40% |  | 4/20/2029 |
2029 II Private Placement Notes | 150,000 |  |  | 150,000 |  |  | 3.97% |  | 4.23% |  | 7/23/2029 |
2030 Private Placement Notes | 150,000 |  |  | 150,000 |  |  | 3.96% |  | 3.96% |  | 2/15/2030 |
2030 II Private Placement Notes | 100,000 |  |  | 100,000 |  |  | 2.74% |  | 2.74% |  | 9/17/2030 |
2032 Private Placement Notes | 200,000 |  |  | 200,000 |  |  | 2.84% |  | 2.84% |  | 9/17/2032 |
Subtotal | $ | 998,571 |  |  | $ | 998,571 |  |  |  |  |  |  |  |
Unamortized Debt Issuance Costs | (5,312) |  |  | (5,491) |  |  |  |  |  |  |  |
Unamortized Discounts | (57) |  |  | (59) |  |  |  |  |  |  |  |
Senior Unsecured Notes, Net | $ | 993,202 |  |  | $ | 993,021 |  |  |  |  |  |  |  |
Unsecured Term Loans, Gross |  |  |  |  |  |  |  |  |  |
2015 Unsecured Term Loan (A) (C) | 260,000 |  |  | 260,000 |  |  | 2.89% |  | N/A |  | 9/12/2022 |
2021 Unsecured Term Loan (A) | 200,000 |  |  | 200,000 |  |  | 1.84% |  | N/A |  | 7/7/2026 |
Subtotal | $ | 460,000 |  |  | $ | 460,000 |  |  |  |  |  |  |  |
Unamortized Debt Issuance Costs | (1,454) |  |  | (1,675) |  |  |  |  |  |  |  |
Unsecured Term Loans, Net | $ | 458,546 |  |  | $ | 458,325 |  |  |  |  |  |  |  |
Unsecured Credit Facility (B) | $ | 235,000 |  |  | $ | 79,000 |  |  | 1.23% |  | N/A |  | 7/7/2025 |
_______________ (A) The interest rate at March 31, 2022 includes the impact of derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10. (B) Amounts exclude unamortized debt issuance costs of $4,254 and $4,577 as of March 31, 2022 and December 31, 2021, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. (C) On April 18, 2022, we entered into a $425,000 unsecured term loan, which replaces our 2015 Unsecured Term Loan. See Note 13 for additional information.
Schedule of Maturities | The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts and debt issuance costs, for the next five years as of March 31, and thereafter:
| Amount
Remainder of 2022 (A) | $ | 328,680 |
2023 | 321 |
2024 | 335 |
2025 | 235,349 |
2026 | 200,364 |
Thereafter | 1,007,502 |
Total | $ | 1,772,551 |
Summary of Indebtedness at Estimated Fair Value | At March 31, 2022 and December 31, 2021, the fair value of our indebtedness was as follows:
| March 31, 2022 |  | December 31, 2021
| Carrying Amount (A) |  | Fair Value |  | Carrying Amount (A) |  | Fair Value
Mortgage Loans Payable | $ | 78,980 |  |  | $ | 80,365 |  |  | $ | 79,764 |  |  | $ | 81,700 |
Senior Unsecured Notes, Net | 998,514 |  |  | 983,077 |  |  | 998,512 |  |  | 1,070,067 |
Unsecured Term Loans | 460,000 |  |  | 460,324 |  |  | 460,000 |  |  | 460,486 |
Unsecured Credit Facility | 235,000 |  |  | 235,000 |  |  | 79,000 |  |  | 79,000 |
Total | $ | 1,772,494 |  |  | $ | 1,758,766 |  |  | $ | 1,617,276 |  |  | $ | 1,691,253 |
_______________ (A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration