XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.21.2

Debt | 6 Months Ended
--- | ---
Jun. 30, 2021
Debt Disclosure [Abstract] |
Debt | Debt The Company had the following mortgages and notes payable outstanding as of June 30, 2021 and December 31, 2020:
| June 30, 2021 |  | December 31, 2020
Mortgages and notes payable | $ | 130,736 |  |  | $ | 138,412 |
Unamortized debt issuance costs | (1,724) |  |  | (1,883) |
Mortgages and notes payable, net | $ | 129,012 |  |  | $ | 136,529 |
Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 6.3%, respectively, at June 30, 2021 and December 31, 2020, and all mortgages and notes payables mature between 2021 and 2032 as of June 30, 2021. The weighted-average interest rate was 4.5% at June 30, 2021 and December 31, 2020. The Company had the following senior notes outstanding as of June 30, 2021 and December 31, 2020:
Issue Date |  | June 30, 2021 |  | December 31, 2020 |  | Interest Rate |  | Maturity Date |  | Issue Price
August 2020 |  | $ | 400,000 |  |  | $ | 400,000 |  |  | 2.70 | % |  | September 2030 |  | 99.233 | %
May 2014 |  | 198,932 |  |  | 198,932 |  |  | 4.40 | % |  | June 2024 |  | 99.883 | %
June 2013 |  | 188,756 |  |  | 188,756 |  |  | 4.25 | % |  | June 2023 |  | 99.026 | %
|  | 787,688 |  |  | 787,688 |  |  |  |  |  |  |
Unamortized debt discount |  | (3,235) |  |  | (3,491) |  |  |  |  |  |  |
Unamortized debt issuance cost |  | (4,514) |  |  | (4,922) |  |  |  |  |  |  |
Senior notes payable, net |  | $ | 779,939 |  |  | $ | 779,275 |  |  |  |  |  |  |
Each series of the senior notes is unsecured and requires payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a make-whole premium. The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of June 30, 2021, are as follows:
| Maturity Date |  | Current Interest Rate
$600,000 Revolving Credit Facility(1) | February 2023 |  | LIBOR + 0.90%
$300,000 Term Loan(2) | January 2025 |  | LIBOR + 1.00%
(1) Maturity date of the revolving credit facility can be extended to February 2024 at the Company's option. The interest rate ranges from LIBOR plus 0.775% to 1.45%. At June 30, 2021, the Company had $125,000 borrowings outstanding and availability of $475,000, subject to covenant compliance. (2) The LIBOR portion of the interest rate was swapped to obtain a current fixed rate of 2.732% per annum. The aggregate unamortized debt issuance costs for the term loan was $1,805 and $2,057 as of June 30, 2021 and December 31, 2020, respectively. The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at June 30, 2021. During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option and bear interest at a variable rate of three-month LIBOR plus 170 basis points through maturity. The interest rate at June 30, 2021 was 1.886%. As of June 30, 2021 and December 31, 2020, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,575 and $1,625, respectively, of unamortized debt issuance costs. Capitalized interest recorded during the six months ended June 30, 2021 and 2020 was $1,396 and $648, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration