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Indebtedness

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Indebtedness

NOTE 4: Indebtedness

The following tables contain summary information concerning our indebtedness as of March 31, 2021:

Debt:		Outstanding Principal				Unamortized Debt Issuance Costs				Carrying Amount				Type		Weighted Average Rate			Weighted Average Maturity (in years)
Unsecured credit facility (1)		$	194,302			$	(1,520	)		$	192,782			Floating		1.6%				2.1
Unsecured term loans			300,000				(1,154	)			298,846			Floating		1.5%				3.1
Mortgages			457,173				(1,170	)			456,003			Fixed		3.8%				3.0
Total Debt		$	951,475			$	(3,844	)		$	947,631					2.6%				2.8

(1) The unsecured credit facility total capacity is $350,000, of which $194,302 was outstanding as of March 31, 2021.   

On March 1, 2021, we drew down on our unsecured credit facility to extinguish a property mortgage totaling $5,975. The property mortgage had a weighted-average rate of 5.7%.

On April 5, 2021, we drew down on our unsecured credit facility to extinguish a property mortgage and made partial paydowns on other mortgages totaling $13,666. The property mortgages had a weighted-average rate of 4.2%.

As of March 31, 2021, we were in compliance with all financial covenants contained in the documents governing our indebtedness.

		Scheduled maturities on or before March 31,
Debt:		2021				2022				2023				2024				2025				Thereafter
Unsecured credit facility		$	—			$	—			$	194,302			$	—			$	—			$	—
Unsecured term loans			—				—				—				300,000				—				—
Mortgages			42,489				66,311				107,056				36,798				161,741				42,778
Total		$	42,489			$	66,311			$	301,358			$	336,798			$	161,741			$	42,778

The following table contains summary information concerning our indebtedness as of December 31, 2020:

Debt:		Outstanding Principal				Unamortized Debt Issuance Costs				Carrying Amount				Type		Weighted Average Rate			Weighted Average Maturity (in years)
Unsecured credit facility (1)		$	184,802			$	(1,692	)		$	183,110			Floating		1.6%				2.4
Unsecured term loans			300,000				(1,241	)			298,759			Floating		1.5%				3.3
Mortgages			465,092				(1,275	)			463,817			Fixed		3.9%				3.2
Total Debt		$	949,894			$	(4,208	)		$	945,686					2.7%				3.1

(1) The unsecured credit facility total capacity was $350,000, of which $184,802 was outstanding as of December 31, 2020.

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- References

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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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