v3.21.2

Unsecured Credit Agreements (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Instrument [Line Items] |
Summary of Debt Issuance Cost Amortization | The following table summarizes debt issuance cost and original issuance discount amortization:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Debt issuance costs and original issuance discount amortization |  | $ | 962 |  |  | $ | 819 |  |  | $ | 2,832 |  |  | $ | 2,528 |
Unsecured Debt |
Debt Instrument [Line Items] |
Summary of Unsecured Credit Agreements | The following table summarizes the Company’s unsecured credit agreements:
|  | Outstanding Balance |  |  |  |  |
(in thousands, except interest rates) |  | September 30, 2021 |  |  | December 31, 2020 |  |  | Interest Rate(b) (c) |  | Maturity Date
Unsecured revolving credit facility(a) |  | $ | — |  |  | $ | — |  |  | (d) (e) |  | Sep. 2023
Unsecured term loans(a): |  |  |  |  |  |  |  |  |  |
2022 Unsecured Term Loan |  |  | 60,000 |  |  |  | 60,000 |  |  | one-month LIBOR + 1.00% (f) |  | Feb. 2022
2023 Unsecured Term Loan |  |  | — |  |  |  | 265,000 |  |  | one-month LIBOR + 1.10% (g) |  | Jan. 2023
2024 Unsecured Term Loan |  |  | 190,000 |  |  |  | 190,000 |  |  | one-month LIBOR + 1.00% (f) |  | Jun. 2024
2026 Unsecured Term Loan |  |  | 400,000 |  |  |  | 450,000 |  |  | one-month LIBOR + 1.00% (h) |  | Feb. 2026
Total unsecured term loans |  |  | 650,000 |  |  |  | 965,000 |  |  |  |  |
Unamortized debt issuance costs, net |  |  | (3,542 | ) |  |  | (3,670 | ) |  |  |  |
Total unsecured term loans, net |  |  | 646,458 |  |  |  | 961,330 |  |  |  |  |
Senior unsecured notes(a): |  |  |  |  |  |  |  |  |  |
2027 Senior Unsecured Notes - Series A |  |  | 150,000 |  |  |  | 150,000 |  |  | 4.84% |  | Apr. 2027
2028 Senior Unsecured Notes - Series B |  |  | 225,000 |  |  |  | 225,000 |  |  | 5.09% |  | Jul. 2028
2030 Senior Unsecured Notes - Series C |  |  | 100,000 |  |  |  | 100,000 |  |  | 5.19% |  | Jul. 2030
2031 Senior Unsecured Public Notes |  |  | 375,000 |  |  |  | — |  |  | 2.60% |  | Sep. 2031
Total senior unsecured notes |  |  | 850,000 |  |  |  | 475,000 |  |  |  |  |
Unamortized debt issuance costs and original issuance discount, net |  |  | (6,335 | ) |  |  | (2,534 | ) |  |  |  |
Total senior unsecured notes, net |  |  | 843,665 |  |  |  | 472,466 |  |  |  |  |
Total unsecured debt, net |  | $ | 1,490,123 |  |  | $ | 1,433,796 |  |  |  |  |
(a) The Company believes it was in compliance with all financial covenants for all periods presented. (b) At September 30, 2021 and December 31, 2020, one-month LIBOR was 0.08% and 0.14%, respectively. At September 30, 2021 daily LIBOR was 0.07%. (c) In January 2021, the Company received a credit rating of BBB, changing the applicable margin on variable rate unsecured debt effective February 1, 2021. (d) At September 30, 2021, borrowings on the revolving credit facility were subject to interest at one-month LIBOR plus 1.00% or daily LIBOR rates plus 1.00%. (e) At December 31, 2020, interest rate was one-month LIBOR plus 1.20%. (f) At December 31, 2020, interest rate was one-month LIBOR plus 1.25%. (g) At December 31, 2020, interest rate was one-month LIBOR plus 1.35%. (h) At December 31, 2020, interest rate was one-month LIBOR plus 1.85%.

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