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Debt (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Summary of the mortgage notes payable, unsecured term loans and credit facility
The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2021 and December 31, 2020.
LoanPrincipal Outstanding as of June 30, 2021 (in thousands)    Principal Outstanding as of December 31, 2020 (in thousands)
Interest 
Rate(1)(2)
    Maturity Date
Prepayment Terms(3) 
Unsecured credit facility:
Unsecured Credit Facility(4)
$284,000 
 
$107,000  L + 0.90%January 12, 2024i
Total unsecured credit facility284,000 
 
107,000     
Unsecured term loans: 
 
    
Unsecured Term Loan A150,000 
 
150,000  3.38 %March 31, 2022i
Unsecured Term Loan D150,000 
 
150,000  2.85 % January 4, 2023i
Unsecured Term Loan E175,000 175,000 3.92 %January 15, 2024i
Unsecured Term Loan F200,000 200,000 3.11 %January 12, 2025i
Unsecured Term Loan G300,000 300,000 1.28 %February 5, 2026i
Total unsecured term loans975,000 975,000 
Total unamortized deferred financing fees and debt issuance costs(4,070)(3,889)
Total carrying value unsecured term loans, net970,930 
 
971,111     
Unsecured notes: 
 
    
Series F Unsecured Notes100,000 100,000 3.98 %

January 5, 2023ii
Series A Unsecured Notes50,000 
 
50,000  4.98 %October 1, 2024ii
Series D Unsecured Notes100,000 
 
100,000  4.32 %February 20, 2025ii
Series G Unsecured Notes75,000 75,000 4.10 %June 13, 2025ii
Series B Unsecured Notes50,000 
 
50,000  4.98 %July 1, 2026ii
Series C Unsecured Notes80,000 
 
80,000  4.42 %December 30, 2026ii
Series E Unsecured Notes20,000 
 
20,000  4.42 %February 20, 2027ii
Series H Unsecured Notes100,000 100,000 4.27 %June 13, 2028ii
Total unsecured notes575,000 575,000 

Total unamortized deferred financing fees and debt issuance costs(1,610)(1,719)

Total carrying value unsecured notes, net573,390 
 
573,281 
 
 

  

Mortgage notes (secured debt):  

  
Wells Fargo Bank, National Association CMBS Loan47,580 
 
48,546  4.31 %December 1, 2022iii
Thrivent Financial for Lutherans3,494 3,556 4.78 %December 15, 2023iv
United of Omaha Life Insurance Company5,040 — 3.71 %October 1, 2039ii
Total mortgage notes 56,114 
 
52,102   
Net unamortized fair market value premium (discount)(134)29  
Total unamortized deferred financing fees and debt issuance costs (169)(233)
Total carrying value mortgage notes, net55,811 
 
51,898  
Total / weighted average interest rate(5)
$1,884,131 
 
$1,703,290 2.99 %
(1)Interest rate as of June 30, 2021. At June 30, 2021, the one-month LIBOR (“L”) was 0.10050%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating, as defined in the respective loan agreements.
(2)The unsecured term loans have a stated interest rate of one-month LIBOR plus a spread of 1.0%. As of June 30, 2021, one-month LIBOR for the Unsecured Term Loans A, D, E, F, and G was swapped to a fixed rate of 2.38%, 1.85%, 2.92%, 2.11%, and 0.28%, respectively. One-month LIBOR for the Unsecured Term Loan G will be swapped to a fixed rate of 0.94% effective April 18, 2023.
(3)Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, however can be defeased; and (iv) pre-payable without penalty three months prior to the maturity date.
(4)The capacity of the unsecured credit facility is $750.0 million. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.2 million and $1.6 million is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, respectively. The initial maturity date is January 15, 2023, which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension, (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date, and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions.
(5)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $975.0 million of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.
Interest Income and Interest Expense Disclosure [Table Text Block]
The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2021 and 2020.

Three months ended June 30,Six months ended June 30,
Costs Included in Interest Expense (in thousands)2021202020212020
Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts$789 $746 $1,276 $1,422 
Facility, unused, and other fees$440 $316 $826 $680 
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value
The following table summarizes the aggregate principal outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2021 and December 31, 2020.

 June 30, 2021December 31, 2020
Indebtedness (in thousands)Principal OutstandingFair ValuePrincipal OutstandingFair Value
Unsecured credit facility$284,000 $284,558 $107,000 $107,000 
Unsecured term loans975,000 979,222 975,000 978,448 
Unsecured notes575,000 627,036 575,000 628,575 
Mortgage notes56,114 58,435 52,102 54,485 
Total principal amount1,890,114 $1,949,251 1,709,102 $1,768,508 
Net unamortized fair market value premium (discount)(134)29 
Total unamortized deferred financing fees and debt issuance costs (5,849)(5,841)
Total carrying value$1,884,131 $1,703,290