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Indebtedness
6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Indebtedness

NOTE 4: Indebtedness

The following tables contain summary information concerning our indebtedness as of June 30, 2021:

Debt:

 

Outstanding Principal

 

 

Unamortized Debt Issuance Costs

 

 

Carrying Amount

 

 

Type

 

Weighted Average Rate

 

 

Weighted Average Maturity (in years)

 

     Unsecured credit facility (1)

 

$

119,503

 

 

$

(1,353

)

 

$

118,150

 

 

Floating

 

1.4%

 

 

 

1.9

 

Unsecured term loans

 

 

500,000

 

 

 

(2,248

)

 

 

497,752

 

 

Floating

 

1.3%

 

 

 

3.7

 

     Mortgages (2)

 

 

441,635

 

 

 

(1,074

)

 

 

440,561

 

 

Fixed

 

3.8%

 

 

 

2.8

 

Total Debt

 

$

1,061,138

 

 

$

(4,675

)

 

$

1,056,463

 

 

 

 

2.4%

 

 

 

3.1

 

 

(1)

The unsecured credit facility total capacity is $350,000, of which $119,503 was outstanding as of June 30, 2021.   

 

(2)

Includes indebtedness associated with real estate held for sale.

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 another mortgage totaling $13,666. The property mortgages had a weighted-average rate of 4.2%.

On May 18, 2021, we entered into a Second Amended and Restated Credit Agreement which provided for a $550,000 unsecured credit facility (the “Facility) that consists of a $350,000 revolving line of credit (the “Unsecured Revolving Line of Credit”) and a new $200,000 senior term loan (the “New Unsecured Term Loan”). Additionally, we have the right to increase the aggregate amount of the Facility to up to $600,000, subject to certain terms and conditions.  The maturity date on borrowings outstanding under the Unsecured Revolving Line of Credit is May 9, 2023, subject to our option to extend the revolving commitment for two additional 6-month periods under certain circumstances, including a payment of an extension fee.  The maturity date on the New Unsecured Term Loan is May 18, 2026. We may prepay the Facility, in whole or in part, at any time without prepayment fee or penalty.  At our option, borrowings under the Unsecured Revolving Line of Credit will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 125 to 200 basis points, or (ii) a base rate plus a margin of 25 to 100 basis points and borrowings under the New Unsecured Term Loan will bear interest at a rate equal to either (i) the LIBOR rate plus a margin of 120 to 190 basis points, or (ii) a base rate plus a margin of 20 to 90 basis points. The applicable margin is determined based upon our total consolidated leverage ratio. Substantially all of the proceeds of the New Unsecured Term Loan were applied at closing to repay the outstanding balance under the revolving credit facility established under the prior credit agreement. We recognized the refinance of the Unsecured Revolving Line of Credit as a modification of debt. The New Unsecured Term Loan was accounted for as an issuance of new debt. We incurred upfront costs of $1,200 associated with this transaction.

As of June 30, 2021, we were in compliance with all financial covenants contained in the documents governing our indebtedness.

 

 

Scheduled maturities on our indebtedness outstanding as of June 30, 2021

 

Debt:

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

Thereafter

 

     Unsecured credit facility

 

$

 

 

$

 

 

$

119,503

 

 

$

 

 

$

 

 

$

 

     Unsecured term loans

 

 

 

 

 

 

 

 

 

 

 

300,000

 

 

 

 

 

 

200,000

 

     Mortgages (1)

 

 

42,489

 

 

 

54,298

 

 

 

106,469

 

 

 

34,891

 

 

 

160,951

 

 

 

42,537

 

Total

 

$

42,489

 

 

$

54,298

 

 

$

225,972

 

 

$

334,891

 

 

$

160,951

 

 

$

242,537

 

 

(1)

Includes indebtedness associated with real estate held for sale.

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.

 

 

On July 1, 2021, we drew down on our unsecured credit facility to extinguish a property mortgage totaling $18,650. The property mortgage had a weighted-average rate of 3.4%.