Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

From July 1, 2021 to July 23, 2021, we acquired one land parcel for a purchase price of $26,565, excluding transaction costs.

On July 7, 2021, we amended and restated our Unsecured Credit Facility to, among other things, extend the maturity date and increase the borrowing capacity thereunder to $750,000 (as amended and restated, the "New Credit Facility"). The New Credit Facility provides for interest-only payments initially at LIBOR plus 77.5 basis points and a facility fee of 15 basis points. The interest rate and facility fee are each subject to adjustment based on our leverage and investment grade rating. The New Credit Facility matures on July 7, 2025, unless extended at our option pursuant to two six-month extension options, subject to certain conditions. We may request the borrowing capacity under the New Credit Facility to be increased to $1,000,000, subject to certain restrictions.

Also on July 7, 2021, we amended and restated our 2020 Unsecured Term Loan to, among other things, extend the maturity date of this $200,000 unsecured term loan (as amended and restated, the "2021 Unsecured Term Loan"). The 2021 Unsecured Term Loan provides for interest-only payments initially at LIBOR plus 85 basis points. The interest rate is subject to adjustment based on our leverage and investment grade rating. The 2021 Unsecured Term Loan matures on July 7, 2026. We may request the borrowing capacity under the 2021 Unsecured Term Loan to be increased to $460,000, subject to certain restrictions.