v3.8.0.1

Unsecured Credit Agreements (Tables) | 12 Months Ended
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Dec. 31, 2017
Unsecured Debt |
Summary of Unsecured Credit Agreements | The following table summarizes the Company’s unsecured credit agreements:
|  | Outstanding Balance |  |  |  |  |  |  |
|  | December 31, |  |  | Interest |  |  | Maturity
(in thousands, except interest rates) |  | 2017 |  |  | 2016 |  |  | Rate(d) |  |  | Date
2015 Unsecured Term Loan Agreement(a) |  | $ | 325,000 |  |  | $ | 375,000 |  |  | 1-month LIBOR + 1.40% |  |  | Feb. 2019
2017 Unsecured Revolving Credit and Term Loan Agreement(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolver |  |  | 273,000 |  |  |  | — |  |  | 1- and 3-month LIBOR + 1.20% (f) |  |  | Jan. 2022
5.5-Year term loan |  |  | 265,000 |  |  |  | — |  |  | 1-month LIBOR + 1.35% |  |  | Jan. 2023
7-Year term loan |  |  | 100,000 |  |  |  | — |  |  | 1-month LIBOR + 1.90% |  |  | June 2024
|  |  | 638,000 |  |  |  | — |  |  |  |  |  |  |
2017 Senior Notes(a) |  |  | 150,000 |  |  |  | — |  |  | 4.84% |  |  | Apr. 2027
2012 Unsecured Credit Agreement(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term note |  |  | — |  |  |  | 50,000 |  |  | 3-month LIBOR + 1.45% |  |  | June 2017
Term note |  |  | — |  |  |  | 50,000 |  |  | 1-month LIBOR + 1.45% |  |  | June 2017
Revolver(b) |  |  | — |  |  |  | 102,000 |  |  | 1-month LIBOR + 1.45% |  |  | June 2017
|  |  | — |  |  |  | 202,000 |  |  |  |  |  |  |
2013 Unsecured Credit Agreement(a) |  |  | — |  |  |  | 185,000 |  |  | 1-month LIBOR + 1.75% to 2.50%(e) |  |  | Oct. 2018
Total |  |  | 1,113,000 |  |  |  | 762,000 |  |  |  |  |  |  |
Debt issuance costs, net(c) |  |  | (3,088 | ) |  |  | (2,109 | ) |  |  |  |  |  |
|  | $ | 1,109,912 |  |  | $ | 759,891 |  |  |  |  |  |  |
(a) | The Company believes it was in compliance with all financial covenants for all periods presented.
(b) | At December 31, 2016, $273,200 of the revolving credit facility’s $300,000 capacity was available, due to a borrowing base limitation.
(c) | Amounts presented include debt issuance costs, net, related to the unsecured term notes only.
(d) | At December 31, 2017 and 2016, the one-month LIBOR rate was 1.37% and 0.62%, respectively. At December 31, 2016, the three-month LIBOR rate was 0.93%.
(e) | The margin was based on the Company’s overall leverage ratio and was 1.75% at December 31, 2016.
(f) | $223,000 of the balance is at one-month LIBOR plus 1.20% while the remaining $50,000 balance is at three-month LIBOR plus 1.20%.

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