Debt, Net (Tables)

6 Months Ended

Jun. 30, 2021

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



	Carrying Value (1) as of
	June 30, 2021		December 31, 2020			June 30, 2021
					Stated Interest Rates		Scheduled Maturity
Mortgage and Other Secured Debt:
Fixed rate mortgage debt (2)	$	138,209	$	139,991		3.82% - 4.62% (3)		2023-2026
Variable rate secured debt (4)	121,126		115,119			LIBOR + 1.45% to 2.35% (5)		2022-2026
Total mortgage and other secured debt	259,335		255,110
Revolving Credit Facility (6)	169,000		143,000			LIBOR + 0.775% to 1.45% (7)		March 2023 (6)
Term Loan Facility	398,837		398,447			LIBOR + 1.00% to 1.65% (8)		December 2022
Unsecured Senior Notes
5.00%, $300,000 aggregate principal	298,127		297,915			5.00% (9)		July 2025
2.25%, $400,000 aggregate principal	394,975		394,464			2.25% (10)		March 2026
2.75%, $600,000 aggregate principal	588,538		—			2.75% (11)		April 2031
3.60%, $350,000 aggregate principal	—		348,888			3.60% (12)		N/A (11)
5.25%, $250,000 aggregate principal	—		248,194			5.25% (13)		N/A (12)
Unsecured note payable	828		900			0% (14)		May 2026
Total debt, net	$	2,109,640	$	2,086,918

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.9 million as of June 30, 2021 and December 31, 2020.

(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 $124,000 as of June 30, 2021 and $155,000 as of December 31, 2020.

(3)The weighted average interest rate on our fixed rate mortgage debt was 4.16% as of June 30, 2021.

(4)Includes a construction loan with $23.6 million in remaining borrowing capacity as of June 30, 2021.

(5)The weighted average interest rate on our variable rate secured debt was 2.23% as of June 30, 2021.

(6)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. In connection with this facility, we also have the ability to borrow up to $500.0 million under new term loans from the facility’s lender group provided that there is no default under the facility and subject to the approval of the lenders.

(7)The weighted average interest rate on the Revolving Credit Facility was 1.19% as of June 30, 2021.

(8)The interest rate on this loan was 1.34% as of June 30, 2021.

(9)The carrying value of these notes reflects an unamortized discount totaling $1.6 million as of June 30, 2021 and $1.8 million as of December 31, 2020. The effective interest rate under the notes, including amortization of the issuance costs, was 5.15%.

(10)The carrying value of these notes reflects an unamortized discount totaling $4.1 million as of June 30, 2021 and $4.5 million as of December 31, 2020. The effective interest rate under the notes, including amortization of the issuance costs, was 2.48%.

(11)Refer to paragraph below for further disclosure.

(12)The carrying value of these notes reflects an unamortized discount totaling $781,000 as of December 31, 2020. The effective interest rate under the notes, including amortization of the issuance costs, was 3.70%. Refer to paragraph below for further disclosure.

(13)The carrying value of these notes reflects an unamortized discount totaling $1.6 million as of December 31, 2020. The effective interest rate under the notes, including amortization of the issuance costs, was 5.49%. Refer to paragraph below for further disclosure.

(14)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 $133,000 as of June 30, 2021 and $161,000 as of December 31, 2020.

Schedule of the fair value of debt

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


	June 30, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Fixed-rate debt
Unsecured Senior Notes	$	1,281,640	$	1,324,953	$	1,289,461	$	1,334,342
Other fixed-rate debt	139,037		138,241		140,891		142,838
Variable-rate debt	688,963		691,144		656,566		654,102
	$	2,109,640	$	2,154,338	$	2,086,918	$	2,131,282