| Summary of Unsecured Credit Agreements |
The following table summarizes the Company’s unsecured credit agreements:
|
|
|
Outstanding Balance |
|
|
|
|
|
|
|
|
(in thousands, except interest rates) |
|
June 30,
2020 |
|
|
December 31,
2019 |
|
|
Interest
Rate(c) |
|
|
Maturity
Date |
|
2020 Unsecured Term Loan(a) |
|
$ |
240,000 |
|
|
$ |
300,000 |
|
|
one-month LIBOR + 1.25% |
|
|
Feb. 2021(d) |
|
Unsecured Revolving Credit and Term
Loan Agreement(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving Credit Facility |
|
|
248,300 |
|
|
|
197,300 |
|
|
one-month LIBOR + 1.20% |
|
|
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% |
|
|
Jun. 2024 |
|
|
|
|
703,300 |
|
|
|
652,300 |
|
|
|
|
|
|
|
|
2022 Unsecured Term Loan(a) |
|
|
60,000 |
|
|
|
— |
|
|
one-month LIBOR + 1.25% |
|
|
Feb. 2022 |
|
2026 Unsecured Term Loan(a) |
|
|
450,000 |
|
|
|
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 |
|
|
1,928,300 |
|
|
|
1,877,300 |
|
|
|
|
|
|
|
|
Debt issuance costs, net(b) |
|
|
(6,908 |
) |
|
|
(7,919 |
) |
|
|
|
|
|
|
|
|
|
$ |
1,921,392 |
|
|
$ |
1,869,381 |
|
|
|
|
|
|
|
|
(a) |
The Company believes it was in compliance with all financial covenants for all periods presented. |
|
(b) |
Amounts presented include debt issuance costs, net, related to the unsecured term notes and senior notes only. |
|
(c) |
At June 30, 2020 and December 31, 2019, one-month LIBOR was 0.16% and 1.76%, respectively. |
|
(d) |
The 2020 Unsecured Term Loan was originally due in August 2020, and allows two six-month extensions, at the Company’s option, subject to the Company being in compliance with the debt covenants and customary representations and warranties, and payment of a fee equal to 0.05% of the outstanding principal balance at the time of extension. On May 5, 2020, the Company exercised the first of these options, effective on August 2, 2020, extending the maturity date of the 2020 Unsecured Term Loan to February 2, 2021. |
|