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Subsequent Events | 9 Months Ended
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Sep. 30, 2020
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On October 13, 2020, the Company announced that it has entered into a definitive agreement to acquire privately held Agro Merchants Group (“Agro”) from an investor group led by funds managed by Oaktree Capital Management, L.P. (“Oaktree”) for a total of $1.74 billion. The acquisition is subject to customary and regulatory closing conditions and closing is expected to occur late in the fourth quarter of 2020 or early in the first quarter of 2021. The Company refers to this transaction as the Agro Merchants Acquisition. On October 15, 2020, the Company completed an underwritten registered public offering pursuant to forward sale agreements in which the forward purchasers borrowed and sold to the underwriters in the public offering 31,900,000 common shares, as well as an option for the underwriters to purchase 4,785,000 additional common shares. The initial forward sale price is $36.67 per share, which is the public offering price per share, less the underwriting discount per share. The Company expects to fund the remainder of the acquisition price with borrowings from its revolving credit facility and through the issuance of 14,166,667 common shares of the Company (the “Acquisition Shares”) to the Sellers. On October 30, 2020, the Company priced a debt private placement of €750 million senior unsecured notes which are expected to close on December 30, 2020. In addition, the Company entered into a foreign exchange forward contract to convert the €750 million dollars received to $877 million U.S. dollars at the time of closing. The notes are expected to consist of €400 million with a coupon of 1.62% and a term of 10 years, and €350 million with a coupon of 1.65% and a term of 12 years. The notes are expected to be general senior unsecured obligations of the operating partnership and are guaranteed by the Company and the subsidiaries of the Company. The Company expects to apply a portion of the proceeds of the transaction to fund acquisitions, general corporate purposes and expansion and development projects. On November 2, 2020, the Company completed the acquisition of Halls Warehouse Corporation and affiliates for $480 million initially utilizing cash drawn on its Senior Unsecured Revolving Credit Facility and a portion of its outstanding equity forward contracts. The draw on the Senior Unsecured Revolving Credit Facility will be repaid upon closing of the previously discussed debt private placement and upon exercise of certain outstanding equity forward contracts.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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