| 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) |
|
2019 |
|
|
2018 |
|
|
Rate(d) |
|
|
Date |
|
2019 Unsecured Term Loan(a) |
|
$ |
— |
|
|
$ |
300,000 |
|
|
one-month LIBOR + 1.40% |
|
|
Feb. 2020(g) |
|
2020 Unsecured Term Loan(a) |
|
|
300,000 |
|
|
|
— |
|
|
one-month LIBOR + 1.25% |
|
|
Aug. 2020(h) |
|
Unsecured Revolving Credit and Term
Loan Agreement(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving Credit Facility(b) |
|
|
197,300 |
|
|
|
141,100 |
|
|
one-month LIBOR + 1.20%(e) |
|
|
Jan. 2022 |
|
2023 Unsecured Term Loan |
|
|
265,000 |
|
|
|
265,000 |
|
|
one-month LIBOR + 1.35% |
|
|
Jan. 2023 |
|
2024 Unsecured Term Loan |
|
|
190,000 |
|
|
|
190,000 |
|
|
one-month LIBOR + 1.25%(f) |
|
|
Jun. 2024 |
|
|
|
|
652,300 |
|
|
|
596,100 |
|
|
|
|
|
|
|
|
2026 Unsecured Term Loan(a) |
|
|
450,000 |
|
|
|
— |
|
|
one-month LIBOR + 1.85% |
|
|
Feb. 2026 |
|
Senior Notes(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
|
150,000 |
|
|
|
150,000 |
|
|
4.84% |
|
|
Apr. 2027 |
|
Series B |
|
|
225,000 |
|
|
|
225,000 |
|
|
5.09% |
|
|
Jul. 2028 |
|
Series C |
|
|
100,000 |
|
|
|
100,000 |
|
|
5.19% |
|
|
Jul. 2030 |
|
|
|
|
475,000 |
|
|
|
475,000 |
|
|
|
|
|
|
|
|
Total |
|
|
1,877,300 |
|
|
|
1,371,100 |
|
|
|
|
|
|
|
|
Debt issuance costs, net(c) |
|
|
(7,919 |
) |
|
|
(4,227 |
) |
|
|
|
|
|
|
|
|
|
$ |
1,869,381 |
|
|
$ |
1,366,873 |
|
|
|
|
|
|
|
|
(a) |
The Company believes it was in compliance with all financial covenants for all periods presented. |
|
(b) |
At December 31, 2018, the Company had an outstanding balance of $15,000 on the swingline loan feature of the Revolving Credit Facility, due within five business days. On January 2, 2019, the balance became a part of the Revolving Credit Facility. |
|
(c) |
Amounts presented include debt issuance costs, net, related to the unsecured term notes and senior notes only. |
|
(d) |
At December 31, 2019 and 2018, one-month LIBOR was 1.76% and 2.35%, respectively. |
|
(e) |
At December 31, 2018, the swingline loan balance of $15,000 bore interest at 5.45% and the remaining Revolving Credit Facility balance of $126,100 bore interest at one-month LIBOR plus 1.20%. |
|
(f) |
On July 1, 2019 the Company amended the Unsecured Revolving Credit and Term Loan Agreement to reduce the variable rate margin from a range of 1.50% to 2.45% to a range of 0.85% to 1.65%. Prior to the amendment, at December 31, 2018, the applicable margin on the 2024 Unsecured Term Loan was 1.90%. |
|
(g) |
In January 2019 the Company exercised the first of two extension options, extending the maturity date of the loan from February 2019 to February 2020. The loan was subsequently repaid in full on February 27, 2019 in connection with entering into the 2026 Unsecured Term Loan. |
|
(h) |
The 2020 Unsecured Term Loan allows two six-month extensions, at the Company’s option, subject to payment of a fee equal to 0.05% of the outstanding principal balance at the time of extension. |
|