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v3.22.2.2

Indebtedness | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Indebtedness | NOTE 5: Indebtedness The following tables contain summary information concerning our indebtedness as of September 30, 2022:
Debt: |  | Outstanding Principal |  | Unamortized Debt Issuance Costs |  | Unamortized Loan (Discount)/Premiums |  | Carrying Amount |  | Type |  | Weighted Average Rate |  | Weighted Average Maturity (in years)
Unsecured revolver(1) |  | $ | 197,978 |  |  | $ | (2,046) |  |  | $ | — |  |  | $ | 195,932 |  |  | Floating |  | 3.6% |  | 3.3
Unsecured term loans |  | 600,000 |  |  | (3,093) |  |  | — |  |  | 596,907 |  |  | Floating |  | 3.4% |  | 4.8
Secured credit facilities |  | 635,128 |  |  | (2,783) |  |  | 28,848 |  |  | 661,193 |  |  | Floating/Fixed |  | 4.2% |  | 6.2
Mortgages(2) |  | 1,233,097 |  |  | (7,996) |  |  | 34,492 |  |  | 1,259,593 |  |  | Fixed |  | 3.9% |  | 5.4
Total Debt |  | $ | 2,666,203 |  |  | $ | (15,918) |  |  | $ | 63,340 |  |  | $ | 2,713,625 |  |  |  |  | 3.8% |  | 5.3
(1) | The unsecured revolver's maximum borrowing capacity is $500,000, of which $197,978 was outstanding as of September 30, 2022.
(2) | Includes indebtedness associated with real estate held for sale.
The following table contains summary information concerning our indebtedness as of September 30, 2022:
|  | Scheduled maturities on our indebtedness outstanding as of September 30, 2022
Debt: |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter |
Unsecured revolver |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 197,978 |  |  | $ | — |  |
Unsecured term loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 200,000 |  |  | 400,000 |  |
Secured credit facilities |  | — |  |  | — |  |  | — |  |  | 3,525 |  |  | 10,492 |  |  | 621,110 |  |
Mortgages(1) |  | 2,327 |  |  | 10,998 |  |  | 70,292 |  |  | 194,259 |  |  | 145,383 |  |  | 809,839 |  |
Total |  | $ | 2,327 |  |  | $ | 10,998 |  |  | $ | 70,292 |  |  | $ | 197,784 |  |  | $ | 553,853 |  |  | $ | 1,830,949 |  |
(1) | Includes indebtedness associated with real estate held for sale. |
The following table contains summary information concerning our indebtedness as of December 31, 2021:
Debt: |  | Outstanding Principal |  | Unamortized Debt Issuance Costs |  | Unamortized Loan (Discount)/Premiums |  | Carrying Amount |  | Type |  | Weighted Average Rate |  | Weighted Average Maturity (in years)
Unsecured revolver(1) |  | $ | 277,003 |  |  | $ | (2,894) |  |  | $ | — |  |  | $ | 274,109 |  |  | Floating |  | 1.5% |  | 4.1
Unsecured term loans |  | 500,000 |  |  | (2,049) |  |  | — |  |  | 497,951 |  |  | Floating |  | 1.4% |  | 3.2
Secured credit facilities |  | 635,128 |  |  | (2,840) |  |  | 32,330 |  |  | 664,618 |  |  | Floating/Fixed |  | 4.0% |  | 6.9
Mortgages |  | 1,238,612 |  |  | (9,210) |  |  | 39,256 |  |  | 1,268,658 |  |  | Fixed |  | 3.9% |  | 6.1
Total Debt |  | $ | 2,650,743 |  |  | $ | (16,993) |  |  | $ | 71,586 |  |  | $ | 2,705,336 |  |  |  |  | 3.2% |  | 5.6
(1) | The unsecured revolver's maximum borrowing capacity was $500,000, of which $277,003 was outstanding as of December 31, 2021.
On July 25, 2022, we entered into the Fourth Amended, Restated and Consolidated Credit Agreement (the “Restated Credit Agreement”) which amended and restated in its entirety the Third Amended and Restated Credit Agreement dated as of December 14, 2021 (the "Prior Credit Agreement"). The Restated Credit Agreement provides for an aggregate amount available for borrowing of $1,100,000, which represents an increase of $100,000 over the Prior Credit Agreement. The Prior Credit Agreement provided for a $500,000 unsecured revolving credit facility (the “Revolving Credit Facility”) with a January 31, 2026 scheduled maturity date and three unsecured term loans, specifically: (i) a $200,000 term loan with a May 18, 2026 maturity date (the “2026 Term Loan”); (ii) a $200,000 term loan with a January 17, 2024 maturity date (the “January 2024 Term Loan”); and (iii) a $100,000 term loan with a November 20, 2024 maturity date (the “November 2024 Term Loan” and, together with the January 2024 Term Loan, the “2024 Term Loans”). The Restated Credit Agreement provides for a new $400,000 term loan with a January 28, 2028 maturity date (the “2028 Term Loan”). Proceeds of the new 2028 Term Loan were used to (i) repay and retire the 2024 Term Loans, and (ii) reduce $100,000 of outstanding borrowings under the Revolving Credit Facility. In addition, the Restated Credit Agreement changed the LIBOR interest rate option to SOFR. The Restated Credit Agreement otherwise continues, without material change, the 2026 Term Loan and the Revolving Credit Facility. We recognized the restructuring of the Restated Credit Agreement as a modification of debt for all lenders except for one and incurred deferred financing costs of $1,477 associated with the transaction. We recognized the portion of debt associated with the lender no longer participating in the Restated Credit Agreement as an extinguishment of debt and wrote off their de minimis deferred financing costs. Borrowings under the 2028 Term Loan bear interest at a rate equal to either (i) the SOFR rate plus a margin of 115 to 180 basis points, or (ii) a base rate plus a margin of 15 to 80 basis points. These margins represent a 5-basis point decrease from those applicable to the term loans that were repaid and retired. The margin for borrowings under the Revolving Credit Facility and the 2026 Term Loan remained unchanged, with (1) Revolving Credit Facility borrowings bearing interest at a rate equal to either (i) the SOFR 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 (2) 2026 Term Loan borrowings bearing interest at a rate equal to either (i) the SOFR 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 will be determined based upon IROP’s consolidated leverage ratio. At the time of closing, based on IROP’s consolidated leverage ratio, the applicable margin was 125 basis points for the Revolving Credit Facility, 120 basis points for the 2026 Term Loan and 115 basis points for the 2028 Term Loan. IROP has the right to request an increase in the aggregate amount of the Restated Credit Agreement from $1,100,000 to up to $1,500,000, subject to certain terms and conditions, including receipt of commitments from one or more lenders, whether or not currently parties to the Restated Credit Agreement, to provide such increased amounts, which increase may be allocated, at IROP’s option, to the Revolving Credit Facility and/or to one or more of the Term Loans, in accordance with the Restated Credit Agreement. As of September 30, 2022, we were in compliance with all financial covenants contained in the documents governing our indebtedness.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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