Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Acquisition and Completion Construction Project

In April 2022, we completed an acquisition of two industrial properties for $38.2 million.

In addition, in April 2022, we completed a construction project for a renovation at an existing property for $69.5 million.

Dispositions

In April 2022, we sold six properties for gross proceeds of approximately $44.1 million (based on the exchange rate of the British pound sterling on the dates of disposition, as applicable).

Issuances Under our ATM Program

In April 2022, we issued 491,068 shares of our common stock under our ATM Program at a weighted-average price of $81.70 per share for net proceeds of approximately $39 million. As of the date of this Report, approximately $50.7 million remained available for issuance under our ATM Program (Note 12).

Increase in Capacity of Senior Unsecured Credit Facility

In April 2022, in accordance with our Credit Agreement, we increased the Term Loan to £270.0 million and the Delayed Draw Term Loan to €215.0 million, thereby increasing the total capacity of our Senior Unsecured Credit Facility to approximately $2.4 billion. To facilitate the increases, we entered into a Second Amendment to the Credit Agreement. There were no other changes to the terms of our Credit Agreement. We used the approximately $300 million of proceeds from this increase in the capacity of our Unsecured Term Loans to partially repay amounts outstanding under our Unsecured Revolving Credit Facility (Note 10).