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Indebtedness

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Indebtedness

NOTE 4: Indebtedness

The following tables contain summary information concerning our indebtedness as of September 30, 2020:

Debt:		Outstanding Principal				Unamortized Debt Issuance Costs				Carrying Amount				Type		Weighted Average Rate			Weighted Average Maturity (in years)
Unsecured credit facility (1)		$	241,803			$	(1,865	)		$	239,938			Floating		1.6%				2.6
Unsecured term loans			300,000				(1,327	)			298,673			Floating		1.5%				3.6
Mortgages			467,005				(1,379	)			465,626			Fixed		3.9%				3.4
Total Debt		$	1,008,808			$	(4,571	)		$	1,004,237					2.6%				3.3

(1) The unsecured credit facility total capacity is $350,000, of which $241,803 was outstanding as of September 30, 2020.   

On July 9, 2020, we drew down on our unsecured credit facility to extinguish a property mortgage and make partial paydowns totaling $32,117. The property mortgages had a weighted-average rate of 3.9% compared to the 1.6% interest rate on our unsecured credit facility as of June 30, 2020.

As of September 30, 2020, we were in compliance with all financial covenants contained in the documents governing our indebtedness.

		Scheduled maturities on or before December 31,
Debt:		2020				2021				2022				2023				2024				Thereafter
Unsecured credit facility		$	—			$	—			$	—			$	241,803			$	—			$	—
Unsecured term loans			—				—				—				—				300,000				—
Mortgages			1,879				48,484				66,651				107,483				58,033				184,475
Total		$	1,879			$	48,484			$	66,651			$	349,286			$	358,033			$	184,475

The following table contains summary information concerning our indebtedness as of December 31, 2019:

Debt:		Outstanding Principal				Unamortized Debt Issuance Costs				Carrying Amount				Type		Weighted Average Rate			Weighted Average Maturity (in years)
Unsecured credit facility (1)		$	186,302			$	(2,336	)		$	183,966			Floating		3.2%				3.4
Unsecured term loans			300,000				(1,582	)			298,418			Floating		3.1%				4.3
Mortgages			504,876				(1,688	)			503,188			Fixed		3.9%				4.0
Total Debt		$	991,178			$	(5,606	)		$	985,572					3.5%				4.0

(1) The unsecured credit facility total capacity was $350,000, of which $186,302 was outstanding as of December 31, 2019.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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