Quarterly report pursuant to Section 13 or 15(d)

Debt, Net (Tables)

v3.21.1
Debt, Net (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of debt
Our debt consisted of the following (dollars in thousands):
  Carrying Value (1) as of
  March 31,
2021		 December 31, 2020 March 31, 2021
  Stated Interest Rates Scheduled Maturity
Mortgage and Other Secured Debt:        
Fixed rate mortgage debt (2) $ 139,099  $ 139,991 
3.82% - 4.62% (3)
 2023-2026
Variable rate secured debt (4) 119,497  115,119 
LIBOR + 1.45% to 2.35% (5)
 2022-2026
Total mortgage and other secured debt 258,596  255,110     
Revolving Credit Facility (6) —  143,000 
LIBOR + 0.775% to 1.45%
March 2023 (6)
Term Loan Facility 398,642  398,447 
LIBOR + 1.00% to 1.65% (7)
 December 2022
Unsecured Senior Notes
3.60%, $350,000 aggregate principal
 165,105  348,888 
3.60% (8)
 April 2021 (8)
5.25%, $250,000 aggregate principal
 103,689  248,194 
5.25% (9)
 April 2021 (9)
5.00%, $300,000 aggregate principal
 298,020  297,915 
5.00% (10)
 July 2025
2.25%, $400,000 aggregate principal
 394,719  394,464 
2.25% (11)
 March 2026
2.75%, $600,000 aggregate principal
 588,268  — 
2.75% (12)
 April 2031
Unsecured note payable 864  900 
0% (13)
 May 2026
Total debt, net $ 2,207,903  $ 2,086,918     

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $6.7 million as of March 31, 2021 and $5.9 million as of 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 $139,000 as of March 31, 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 March 31, 2021.
(4)Includes a construction loan with $25.0 million in remaining borrowing capacity as of March 31, 2021.
(5)The weighted average interest rate on our variable rate secured debt was 2.24% as of March 31, 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 interest rate on this loan was 1.12% as of March 31, 2021.
(8)The carrying value of these notes reflects an unamortized discount totaling $331,000 as of March 31, 2021 and $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.
(9)The carrying value of these notes reflects an unamortized discount totaling $630,000 as of March 31, 2021 and $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.
(10)The carrying value of these notes reflects an unamortized discount totaling $1.7 million as of March 31, 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%.
(11)The carrying value of these notes reflects an unamortized discount totaling $4.3 million as of March 31, 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%.
(12)Refer to paragraph below for further disclosure.
(13)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 $147,000 as of March 31, 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): 
  March 31, 2021 December 31, 2020
  Carrying Amount Fair Value Carrying Amount Fair Value
Fixed-rate debt        
Unsecured Senior Notes $ 1,549,801  $ 1,583,253  $ 1,289,461  $ 1,334,342 
Other fixed-rate debt 139,963  141,465  140,891  142,838 
Variable-rate debt 518,139  517,562  656,566  654,102 
  $ 2,207,903  $ 2,242,280  $ 2,086,918  $ 2,131,282