v3.22.2.2

Unsecured Credit Agreements (Tables)

9 Months Ended

Sep. 30, 2022

Debt Instrument [Line Items]

Summary of Debt Issuance Cost Amortization

he 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)		2022				2021				2022				2021
Debt issuance costs and original issuance discount amortization		$	948			$	962			$	2,704			$	2,832

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, 2022				December 31, 2021				Interest Rate		Maturity Date
Unsecured revolving    credit facility		$	219,537			$	102,000			Applicable reference rate + 0.85% (a) (b) (c)		Mar. 2026
Unsecured term loans:
2022 Unsecured Term Loan			—				60,000			one-month LIBOR + 1.00% (c)		Feb. 2022 (e)
2024 Unsecured Term Loan			—				190,000			one-month LIBOR + 1.00% (c)		Jun. 2024 (f)
2026 Unsecured Term Loan			400,000				400,000			one-month LIBOR + 1.00% (c)		Feb. 2026
2027 Unsecured Term Loan			200,000				—			one-month adjusted SOFR + 0.95% (d)		Aug. 2027
2029 Unsecured Term Loan			300,000				—			one-month adjusted SOFR + 1.25% (d)		Aug. 2029
Total unsecured term loans			900,000				650,000
Unamortized debt issuance costs, net			(5,622	)			(3,329	)
Total unsecured term loans, net			894,378				646,671
Senior unsecured notes:
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				375,000			2.60%		Sep. 2031
Total senior unsecured notes			850,000				850,000
Unamortized debt issuance costs and    original issuance discount, net			(5,633	)			(6,199	)
Total senior unsecured notes, net			844,367				843,801
Total unsecured debt, net		$	1,958,282			$	1,592,472

(a)At September 30, 2022, a balance of $146.5 million was subject to the one-month SOFR of 3.04%. The remaining balance includes $100 million CAD borrowings remeasured to $73 million USD, which was subject to the one-month Canadian Dollar Offered Rate ("CDOR") of 3.76%.

(b)At December 31, 2021, the applicable interest rate was one-month LIBOR plus 1.00%

(c)At September 30, 2022 and December 31, 2021, one-month LIBOR was 3.14% and 0.10%, respectively.

(d)At September 30, 2022, one-month SOFR was 3.04%.

(e)The 2022 Unsecured Term Loan was paid in full in February 2022 with borrowings from the unsecured revolving credit facility.

(f)The 2024 Unsecured Term Loan was paid in full in August 2022 with borrowings from the 2027 Unsecured Term Loan and 2029 Unsecured Term Loan.

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