v3.21.2

Unsecured Credit Agreements (Tables)

9 Months Ended

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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