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Subsequent Events | 3 Months Ended
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Mar. 31, 2022
Subsequent Events [Abstract] |
Subsequent Events | Subsequent EventsSubsequent to March 31, 2022, we acquired one industrial property and two land parcels for an aggregate purchase price of $29,250, excluding transaction costs. On April 18, 2022, we entered into a $425,000 unsecured term loan (the "2022 Unsecured Term Loan"), which replaces our 2015 Unsecured Term Loan that was set to mature in September 2022. Borrowings under the 2022 Unsecured Term Loan initially provide for interest-only payments at (x) daily SOFR, which refers to the secured overnight financing rate as administered by the Federal Reserve Bank of New York, plus a 0.10% adjustment, plus (y) a margin of 0.85% based on our credit ratings and consolidated leverage ratio. The interest rate is subject to adjustment based on changes to our leverage and credit ratings and our achievement of a sustainability-linked pricing metric. The 2022 Unsecured Term Loan matures on October 18, 2027. We received $165,000, the difference between the principal amounts of the 2022 Unsecured Term Loan and the 2015 Unsecured Term Loan, on April 18, 2022 and we intend to use the proceeds for general business purposes, including, without limitation, repayment of indebtedness, working capital needs, and the acquisition and development of property.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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