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Debt, Net (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt

Our debt consisted of the following (dollars in thousands):

						Carrying Value (1) as of												December 31, 2020
						December 31, 2020						December 31, 2019
																		Stated Interest Rates						Scheduled Maturity
Mortgage and Other Secured Debt:
Fixed rate mortgage debt (2)						$	139,991					$	143,430					3.82% - 4.62% (3)						2023-2026
Variable rate secured debt (4)						115,119						68,055						LIBOR + 1.45% to 2.35% (5)						2022-2026
Total mortgage and other secured debt						255,110						211,485
Revolving Credit Facility						143,000						177,000						LIBOR + 0.775% to 1.45% (6)						March 2023 (7)
Term Loan Facility						398,447						248,706						LIBOR + 1.00% to 1.65% (8)						2022
Unsecured Senior Notes (9)
3.60%, $350,000 aggregate principal						348,888						348,431						3.60% (10)						May 2023
5.25%, $250,000 aggregate principal						248,194						247,652						5.25% (11)						February 2024
5.00%, $300,000 aggregate principal						297,915						297,503						5.00% (12)						July 2025
2.25%, $400,000 aggregate principal						394,464						—						2.25% (13)						March 2026
3.70%, $300,000 aggregate principal						—						299,324						3.70% (14)						N/A (14)
Unsecured note payable						900						1,038						0% (15)						May 2026
Total debt, net						$	2,086,918					$	1,831,139

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.9 million as of December 31, 2020 and $5.8 million as of December 31, 2019.

(2)Certain of the fixed rate mortgages carry interest rates that, upon assumption, were above or below market rates and therefore were recorded at their fair value based on applicable effective interest rates.  The carrying values of these loans reflect net unamortized premiums totaling $155,000 as of December 31, 2020 and $217,000 as of December 31, 2019.

(3)The weighted average interest rate on our fixed rate mortgage debt was 4.16% as of December 31, 2020.

(4)Includes a construction loan with $29.1 million in remaining borrowing capacity as of December 31, 2020.

(5)The weighted average interest rate on our variable rate secured debt was 2.28% as of December 31, 2020.

(6)The weighted average interest rate on the Revolving Credit Facility was 1.20% as of December 31, 2020.

(7)The facility matures in March 2023, with the ability for us to further extend such maturity by two six-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.075% of the total availability under the facility for each extension period.

(8)The interest rate on this loan was 1.15% as of December 31, 2020.

(9)Refer to the paragraphs below for further disclosure.

(10)The carrying value of these notes reflects an unamortized discount totaling $781,000 as of December 31, 2020 and $1.1 million as of December 31, 2019. The effective interest rate under the notes, including amortization of the issuance costs, was 3.70%.

(11)The carrying value of these notes reflects an unamortized discount totaling $1.6 million as of December 31, 2020 and $2.1 million as of December 31, 2019. The effective interest rate under the notes, including amortization of the issuance costs, was 5.49%.

(12)The carrying value of these notes reflects an unamortized discount totaling $1.8 million as of December 31, 2020 and $2.1 million as of December 31, 2019.  The effective interest rate under the notes, including amortization of the issuance costs, was 5.15%

(13)The carrying value of these notes reflects an unamortized discount totaling $4.5 million as of December 31, 2020.

(14)The carrying value of these notes reflects an unamortized discount totaling $534,000 as of December 31, 2019. The effective interest rate under the notes, including amortization of the issuance costs, was 3.85%.

(15)This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates.  The carrying value of this note reflects an unamortized discount totaling $161,000 as of December 31, 2020 and $223,000 as of December 31, 2019.

Schedule of debt maturities

Our debt matures on the following schedule (in thousands):

Year Ending December 31,			December 31, 2020
2021			$	3,955
2022			487,380
2023			560,130
2024			279,983
2025			323,717
Thereafter			446,300
Total			$	2,101,465		(1)

(1)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $14.5 million.

Schedule of the fair value of debt

The following table sets forth information pertaining to the fair value of our debt (in thousands):

			December 31, 2020												December 31, 2019
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Fixed-rate debt
Unsecured Senior Notes			$	1,289,461					$	1,334,342					$	1,192,910					$	1,227,441
Other fixed-rate debt			140,891						142,838						144,468						149,907
Variable-rate debt			656,566						654,102						493,761						495,962
			$	2,086,918					$	2,131,282					$	1,831,139					$	1,873,310

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

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