Annual report pursuant to Section 13 and 15(d)

Debt, Net (Tables)

v3.22.0.1
Debt, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of debt
Our debt consisted of the following (dollars in thousands):
  Carrying Value (1) as of December 31, December 31, 2021
  2021 2020 Stated Interest Rates Scheduled Maturity
Mortgage and Other Secured Debt:        
Fixed rate mortgage debt (2) $ 86,960  $ 139,991 
3.82% - 4.62% (3)
 2023-2026
Variable rate secured debt 33,667  115,119 
LIBOR + 1.45% to 1.55% (4)
 2025-2026
Total mortgage and other secured debt 120,627  255,110     
Revolving Credit Facility 76,000  143,000 
LIBOR + 0.775% to 1.45% (5)
 March 2023
Term Loan Facility 299,420  398,447 
LIBOR + 1.00% to 1.65% (6)
 December 2022
Unsecured Senior Notes
2.25%, $400,000 aggregate principal
 395,491  394,464 
2.25% (7)
 March 2026
2.00%, $400,000 aggregate principal
 396,512  — 
2.00% (8)
 January 2029
2.75%, $600,000 aggregate principal
 589,060  — 
2.75% (9)
 April 2031
2.90%, $400,000 aggregate principal
 394,441  — 
2.90% (10)
 December 2033
3.60%, $350,000 aggregate principal
 —  348,888 
3.60% (11)
 N/A
5.25%, $250,000 aggregate principal
 —  248,194 
5.25% (12)
 N/A
5.00%, $300,000 aggregate principal
 —  297,915 
5.00% (13)
 N/A
Unsecured note payable 753  900 
0% (14)
 May 2026
Total debt, net $ 2,272,304  $ 2,086,918     

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.8 million as of December 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 $155,000 as of December 31, 2020.
(3)The weighted average interest rate on our fixed rate mortgage debt was 4.07% as of December 31, 2021.
(4)The weighted average interest rate on our variable rate secured debt was 1.62% as of December 31, 2021.
(5)The weighted average interest rate on the Revolving Credit Facility was 1.20% as of December 31, 2021.
(6)The interest rate on this loan was 1.10% as of December 31, 2021.
(7)The carrying value of these notes reflects an unamortized discount totaling $3.6 million as of December 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%.
(8)The carrying value of these notes reflects an unamortized discount totaling $2.5 million as of December 31, 2021. The effective interest rate under the notes, including amortization of the issuance costs, was 2.09%. Refer to paragraph below for further disclosure.
(9)The carrying value of these notes reflects an unamortized discount totaling $9.5 million as of December 31, 2021. The effective interest rate under the notes, including amortization of the issuance costs, was 2.94%. Refer to paragraph below for further disclosure.
(10)The carrying value of these notes reflects an unamortized discount totaling $4.5 million as of December 31, 2021. The effective interest rate under the notes, including amortization of the issuance costs, was 3.01%. 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)The carrying value of these notes reflects an unamortized discount totaling $1.8 million as of December 31, 2020.  The effective interest rate under the notes, including amortization of the issuance costs, was 5.15%. 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 $108,000 as of December 31, 2021 and $161,000 as of December 31, 2020.
Schedule of debt maturities
Our debt matures on the following schedule (in thousands):
Year Ending December 31, December 31, 2021
2022 $ 303,333 
2023 94,953 
2024 29,983 
2025 23,717 
2026 446,300 
Thereafter 1,400,000 
Total $ 2,298,286  (1)
(1)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $26.0 million.
Schedule of the fair value of debt
The following table sets forth information pertaining to the fair value of our debt (in thousands):
  December 31, 2021 December 31, 2020
  Carrying
Amount		 Estimated
Fair Value		 Carrying
Amount		 Estimated
Fair Value
Fixed-rate debt        
Unsecured Senior Notes $ 1,775,504  $ 1,809,950  $ 1,289,461  $ 1,334,342 
Other fixed-rate debt 87,713  87,339  140,891  142,838 
Variable-rate debt 409,087  409,639  656,566  654,102 
  $ 2,272,304  $ 2,306,928  $ 2,086,918  $ 2,131,282