Quarterly report pursuant to Section 13 or 15(d)

Debt, Net (Tables)

v3.21.2
Debt, Net (Tables)
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of debt
Our debt consisted of the following (dollars in thousands):
  Carrying Value (1) as of
  September 30,
2021
December 31, 2020 September 30, 2021
  Stated Interest Rates Scheduled Maturity
Mortgage and Other Secured Debt:        
Fixed rate mortgage debt (2) $ 137,310  $ 139,991 
3.82% - 4.62% (3)
2023-2026
Variable rate secured debt 33,698  115,119 
LIBOR + 1.45% to 1.55% (4)
2025-2026
Total mortgage and other secured debt 171,008  255,110     
Revolving Credit Facility (5) 10,000  143,000 
LIBOR + 0.775% to 1.45% (6)
March 2023 (5)
Term Loan Facility 299,274  398,447 
LIBOR + 1.00% to 1.65% (7)
December 2022
Unsecured Senior Notes
5.00%, $300,000 aggregate principal
298,235  297,915 
5.00% (8)
July 2025
2.25%, $400,000 aggregate principal
395,232  394,464 
2.25% (9)
March 2026
2.00%, $400,000 aggregate principal
396,394  — 
2.00% (10)
January 2029
2.75%, $600,000 aggregate principal
588,798  — 
2.75% (10)
April 2031
3.60%, $350,000 aggregate principal
—  348,888 
3.60% (11)
N/A (11)
5.25%, $250,000 aggregate principal
—  248,194 
5.25% (12)
N/A (12)
Unsecured note payable 791  900 
0% (13)
May 2026
Total debt, net $ 2,159,732  $ 2,086,918     

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.4 million as of September 30, 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 $108,000 as of September 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 September 30, 2021.
(4)The weighted average interest rate on our variable rate secured debt was 1.60% as of September 30, 2021.
(5)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.
(6)The weighted average interest rate on the Revolving Credit Facility was 1.19% as of September 30, 2021.
(7)The interest rate on this loan was 1.09% as of September 30, 2021.
(8)The carrying value of these notes reflects an unamortized discount totaling $1.5 million as of September 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%.
(9)The carrying value of these notes reflects an unamortized discount totaling $3.9 million as of September 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%.
(10)Refer to paragraph below for further disclosure.
(11)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.
(12)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.
(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 $120,000 as of September 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): 
  September 30, 2021 December 31, 2020
  Carrying Amount Fair Value Carrying Amount Fair Value
Fixed-rate debt        
Unsecured Senior Notes $ 1,678,659  $ 1,723,267  $ 1,289,461  $ 1,334,342 
Other fixed-rate debt 138,101  136,653  140,891  142,838 
Variable-rate debt 342,972  343,577  656,566  654,102 
  $ 2,159,732  $ 2,203,497  $ 2,086,918  $ 2,131,282