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DEBT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Consolidated Debt Obligations

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of June 30, 2022 and December 31, 2021 (in thousands):

			June 30, 2022						December 31, 2021						Effective Interest Rate						Maturity Date
UNSECURED DEBT
$600 million Unsecured Credit Facility			$	214,000					$	23,000					SOFR + 1.15%						June 2026			(a)
Term Loan - Swapped to fixed			250,000						250,000						2.87%						June 2027			(b)
$350.0M 3.95% Guaranteed Notes due 2023			350,000						350,000						3.87%						February 2023
$350.0M 4.10% Guaranteed Notes due 2024			350,000						350,000						3.78%						October 2024
$450.0M 3.95% Guaranteed Notes due 2027			450,000						450,000						4.03%						November 2027
$350.0M 4.55% Guaranteed Notes due 2029			350,000						350,000						4.30%						October 2029
Indenture IA (Preferred Trust I)			27,062						27,062						LIBOR + 1.25%						March 2035
Indenture IB (Preferred Trust I)			25,774						25,774						LIBOR + 1.25%						April 2035
Indenture II (Preferred Trust II)			25,774						25,774						LIBOR + 1.25%						July 2035
Principal balance outstanding			2,042,610						1,851,610
Plus: original issue premium (discount), net			7,212						8,187
Less: deferred financing costs			(7,063)						(6,211)
Total unsecured indebtedness			$	2,042,759					$	1,853,586

(a)Spread includes a 10 basis point daily SOFR adjustment.

(b)On June 30, 2022, the Company executed the 2022 Credit Agreement (as defined below), that provides for, among other things, the Term Loan (as defined below), which replaced the Company's $250.0 million term loan that had been scheduled to mature on October 22, 2022. As of June 30, 2022, based on the Operating Partnership's unsecured senior debt rating, the applicable margin for the Term Loan was 120.0 basis points, plus a daily SOFR adjustment of 10 basis points. Through a series of interest rate swaps, the $250.0 million principal amount of the Term Loan has a fixed interest rate of 2.87% until October 8, 2022.

Schedule of Maturities of Long-term Debt

As of June 30, 2022, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):

2022 (six months remaining)			$	—
2023			350,000
2024			350,000
2025			—
2026			214,000
Thereafter			1,128,610
Total principal payments			2,042,610
Net unamortized premiums/(discounts)			7,212
Net deferred financing costs			(7,063)
Outstanding indebtedness			$	2,042,759

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- References

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

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