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DEBT OBLIGATIONS
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS
8. DEBT OBLIGATIONS
The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financial instruments, on our debt obligations as of December 31, 2021 and 2020 (dollars in thousands):
   
Interest Rate(1)
20212020
Revolving credit facility
LIBOR + 1.1%
$— $— 
Term loans(2)
1.3% - 4.2%
955,000 1,622,500 
Senior unsecured notes due 20312.6%350,000 — 
Secured loan facilities
3.4% - 3.5%
395,000 395,000 
Mortgages
3.5% - 6.4%
213,316 290,022 
Finance lease liability766 164 
Discount on notes payable(7,680)— 
Assumed market debt adjustments, net(1,530)(1,543)
Deferred financing expenses, net(13,150)(13,538)
Total  $1,891,722 $2,292,605 
Weighted-average interest rate(3)
3.3 %3.1 %
(1)Interest rates are as of December 31, 2021.
(2)Our term loans carry an interest rate of LIBOR plus a spread. While most of the rates are fixed through the use of swaps, there is a portion of these loans that are not subject to a swap, and thus are still indexed to LIBOR.
(3)Includes the effects of derivative financial instruments (see Notes 9 and 16).
2021 Debt Activity—In July 2021, we entered into a new $980 million credit facility comprised of a $500 million senior unsecured revolving credit facility and two $240 million senior unsecured term loan tranches (the “Refinancing”). In connection with the Refinancing, we paid off a $472.5 million term loan due in November 2025. The revolving credit facility will mature in January 2026, and the two senior unsecured term loan tranches will mature in November 2025 and July 2026, respectively. Additionally, we used proceeds from the underwritten IPO to retire a $375 million term loan that was set to mature in April 2022.
In August 2021, we paid down $150 million of our $300 million term loan that was set to mature in November 2023.
In October 2021, in connection with our Bond Registration, we settled the 2021 Bond Offering priced at 98.692% of the principal amount and maturing in November 2031. This offering resulted in gross proceeds of $345.4 million. The notes are fully and unconditionally guaranteed by us. In October 2021, net proceeds from the bond settlement were used, in part, to pay down the remaining $150 million outstanding balance of our $300 million term loan debt that was set to mature in November 2023, as described above.
During 2021, we executed early repayments of $55.2 million in mortgage debt.
2020 Debt Activity—In January 2020, we made the final $30 million payment on our term loan maturing in 2021. In April 2020, we borrowed $200 million on our revolving credit facility to meet our operating needs for a sustained period due to the COVID-19 pandemic. Our rent and recovery collections during the second quarter, combined with other cost saving initiatives, sufficiently funded our short term operating needs and provided enough stability to allow us to repay in full the outstanding balance on our revolving credit facility in June 2020.
Revolving Credit Facility—We have a $500 million senior unsecured revolving credit facility with availability of $489.3 million, which is net of current letters of credit, as of December 31, 2021. The maturity date is January 2026 and we pay a facility fee of 0.25% on the unused portion of the facility.
Term Loans—We have five unsecured term loans with maturities ranging from 2024 to 2026. Our term loans have interest rates of LIBOR plus interest rate spreads based on our investment grade rating. We have utilized interest rate swaps to fix the rates on the majority of our term loans, with $25.0 million in term loans not fixed through such swaps.
As of December 31, 2021 and 2020, the weighted-average interest rate, including the impact of swaps, on our term loans was 3.2% and 2.7%, respectively.
Secured Debt—Our secured debt includes two facilities secured by certain properties in our portfolio, mortgage loans secured by individual properties, and finance leases. The interest rates on our secured debt are fixed. As of December 31, 2021 and 2020, our weighted average interest rate for our secured debt was 3.9% and 4.0%, respectively.
Debt Allocation—The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments, discount on senior notes, and deferred financing expenses, net, as of December 31, 2021 and 2020, is summarized below (in thousands):
   20212020
As to interest rate:
Fixed-rate debt$1,889,082 $1,727,186 
Variable-rate debt25,000 580,500 
Total$1,914,082 $2,307,686 
As to collateralization:
Unsecured debt$1,305,000 $1,622,500 
Secured debt609,082 685,186 
Total  $1,914,082 $2,307,686 
Maturity Schedule—Below is our maturity schedule with the respective principal payment obligations, excluding finance lease liabilities, market debt adjustments, discount on senior notes, and deferred financing expenses, net (in thousands):
   20222023202420252026ThereafterTotal
Unsecured debt(1)
$— $— $475,000 $240,000 $240,000 $350,000 $1,305,000 
Secured debt60,746 66,657 28,126 27,873 1,908 423,006 608,316 
Total$60,746 $66,657 $503,126 $267,873 $241,908 $773,006 $1,913,316 
(1)Includes our term loans and senior notes.