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Debt | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Debt | Debt The Company’s outstanding indebtedness as of September 30, 2021 and December 31, 2020 was as follows (in thousands):
|  |  |  | September 30, 2021 | December 31, 2020
Indebtedness | Stated Maturity Date | Contractual Interest Rate | Effective Interest Rate as of September 30, 2021 | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value
2013 Mortgage Loans |  |  |  |  |
Senior note | 5/2023 | 3.81% | 4.14% | $ | 169,415 |  | $ | 174,497 |  | $ | 174,693 |  | $ | 180,807 |
Mezzanine A | 5/2023 | 7.38% | 7.55% | 70,000 |  | 71,750 |  | 70,000 |  | 71,925 |
Mezzanine B | 5/2023 | 11.50% | 11.75% | 32,000 |  | 32,880 |  | 32,000 |  | 33,040 |
Total 2013 Mortgage Loans |  |  |  | 271,415 |  | 279,127 |  | 276,693 |  | 285,772 |
Senior Unsecured Notes |  |  |  |  |  |  |
Series A notes | 1/2026 | 4.68% | 4.77% | 200,000 |  | 220,500 |  | 200,000 |  | 231,000 |
Series B notes | 1/2029 | 4.86% | 4.92% | 400,000 |  | 455,000 |  | 400,000 |  | 475,000 |
Series C notes | 1/2030 | 4.10% | 4.15% | 350,000 |  | 385,000 |  | 350,000 |  | 400,750 |
Series D notes(5) | 1/2031 | 1.62% | 1.67% | 463,200 |  | 454,515 |  | 488,640 |  | 488,640 |
Series E notes(6) | 1/2033 | 1.65% | 1.70% | 405,300 |  | 399,727 |  | 427,560 |  | 427,560 |
Total Senior Unsecured Notes |  |  |  | 1,818,500 |  | 1,914,742 |  | 1,866,200 |  | 2,022,950 |
2020 Senior Unsecured Term Loan Tranche A-1(1) | 3/2025 | L+0.95% | 1.41% | 125,000 |  | 124,063 |  | 325,000 |  | 323,375 |
2020 Senior Unsecured Term Loan Tranche A-2(2)(4) | 3/2025 | C+0.95% | 1.51% | 197,124 |  | 195,646 |  | 196,325 |  | 195,343 |
Total 2020 Senior Unsecured Term Loan A Facility |  | 322,124 |  | 319,709 |  | 521,325 |  | 518,718 |
2020 Senior Unsecured Revolving Credit Facility-1(2)(3)(7) | 3/2024 | C+0.85% | 1.91% | 43,368 |  | 43,260 |  | — |  | — |
2020 Senior Unsecured Revolving Credit Facility-2(3)(8)(9) | 3/2024 | SONIA+0.85% | 1.53% | 92,296 |  | 92,065 |  | — |  | — |
2020 Senior Unsecured Revolving Credit Facility-3(1)(3) | 3/2024 | L+0.85% | 1.56% | 170,000 |  | 169,575 |  | — |  | — |
Total 2020 Senior Unsecured Revolving Credit Facility | $ | 305,664 |  | $ | 304,900 |  | $ | — |  | $ | — |
Total principal amount of indebtedness | $ | 2,717,703 |  | $ | 2,818,478 |  | $ | 2,664,218 |  | $ | 2,827,440 |
Less: unamortized deferred financing costs |  |  |  | (11,446) |  | n/a | (15,952) |  | n/a
Total indebtedness, net of unamortized deferred financing costs | $ | 2,706,257 |  | $ | 2,818,478 |  | $ | 2,648,266 |  | $ | 2,827,440 |
(1) L = one-month LIBOR. (2) C = one-month CDOR. (3) The Company has the option to extend the 2020 Senior Unsecured Revolving Credit Facility up to two times for a six-month period each. (4) The 2020 Senior Unsecured Term Loan Tranche A-2 is denominated in Canadian dollars and aggregates to CAD $250.0 million. The carrying value in the table above is the US dollar equivalent as of September 30, 2021. (5) The Senior Unsecured Notes Series D is denominated in Euros and aggregates to €400.0 million. The carrying value in the table above is the US dollar equivalent as of September 30, 2021. (6) The Senior Unsecured Notes Series E is denominated in Euros and aggregates to €350.0 million. The carrying value in the table above is the US dollar equivalent as of September 30, 2021. (7) The Senior Unsecured Revolving Credit Facility Draw 1 as of September 30, 2021, is denominated in CAD and aggregates to CAD $55.0 million. The carrying value in the table above is the US dollar equivalent as of September 30, 2021. (8) The Senior Unsecured Revolving Credit Facility Draw 2 as of September 30, 2021, is denominated in GBP and aggregates to GBP $68.5 million. The carrying value in the table above is the US dollar equivalent as of September 30, 2021. (9) SONIA = Sterling Overnight Interbank Average Rate. There have been no new debt agreements entered into during 2021. However, on January 29, 2021, we executed an amendment to our existing Senior Unsecured Revolving Credit Facility which expanded our revolving credit facility borrowing capacity by $200 million to $1 billion. Other terms associated with the credit facility, such as the interest rate, fees, and maturity, remained unchanged. In tandem with the amendment, we repaid $200 million of our Term Loan A Tranche A-1 facility. Refer to our 2020 Form 10-K and below for details regarding our debt instruments. Debt Covenants Our Senior Unsecured Credit Facilities, the Senior Unsecured Notes and 2013 Mortgage Loans all require financial statement reporting, periodic reporting of compliance with financial covenants, other established thresholds and performance measurements, and compliance with affirmative and negative covenants that govern our allowable business practices. The affirmative and negative covenants include, among others, continuation of insurance, maintenance of collateral (in the case of the 2013 Mortgage Loans), the maintenance of REIT status, and restrictions on our ability to enter into certain types of transactions or take on certain exposures. As of September 30, 2021, we were in compliance with all debt covenants. Loss on debt extinguishment, modifications and termination of derivative instruments In the first quarter of 2021, the Company repaid $200 million of principal on the Senior Unsecured Term Loan A Facility and recorded $2.9 million to “Loss on debt extinguishment, modifications and termination of derivative instruments” in the accompanying Condensed Consolidated Statements of Operations, representing the write-off of unamortized deferred financing costs. Additionally, the Company recorded a reclassification from other comprehensive income to earnings to “Loss on debt extinguishment, modification, and termination of derivative instruments” related to the amortization of the portion deferred following the termination of interest rate swaps related to the Senior Unsecured Term Loan A Facility.

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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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