XML 53 R31.htm IDEA: XBRL DOCUMENT v3.20.4
Indebtedness (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of additional outstanding debt
At December 31, 2020 and 2019, our outstanding indebtedness consisted of the following:
  Principal Balance as of December 31,
Floating Rate Debt (1)
Maturity20202019
Revolving credit facility (2)
January 2022$— $537,500 
Term loanJune 2020— 250,000 
Term loan (3)
September 2022200,000 200,000 
Total floating rate debt $200,000 $987,500 
(1)As of December 31, 2020 and 2019, the unamortized net debt issuance costs on certain of these debts were $951 and $1,259, respectively.
(2)Outstanding borrowings under our revolving credit facility.
(3)We prepaid this term loan in February 2021.
   December 31, 2020December 31, 2019
Senior Unsecured Notes (1)
CouponMaturityFace
Amount
Unamortized
Discount
Face
Amount
Unamortized
Discount
Senior unsecured notes6.750 %April 2020$— $— $200,000 $59 
Senior unsecured notes (2)
6.750 %December 2021300,000 490 300,000 1,024 
Senior unsecured notes4.750 %May 2024250,000 263 250,000 342 
Senior unsecured notes9.750 %June 20251,000,000 — — — 
Senior unsecured notes4.750 %February 2028500,000 6,013 500,000 6,857 
Senior unsecured notes5.625 %August 2042350,000 — 350,000 — 
Senior unsecured notes6.250 %February 2046250,000 — 250,000 — 
Total senior unsecured notes  $2,650,000 $6,766 $1,850,000 $8,282 
(1)As of December 31, 2020 and 2019, the unamortized net debt issuance costs on certain of these notes were $35,045 and $21,037, respectively.
(2)In February 2021, we issued $500,000 aggregate principal amount of 4.375% senior notes due 2031. We used net proceeds from this offering to prepay our $200,000 term loan and expect to use the remaining net proceeds to redeem all of our outstanding 6.75% senior notes due 2021 in June 2021, when those notes become redeemable with no prepayment premium.
Schedule of secured and other debt
 Principal Balance as of
December 31,
  Number of
Properties as
Collateral
Net Book Value of Collateral
as of December 31,
  
Secured and Other Debt
2020 (1)
2019 (1)
Interest
Rate
MaturityAt December 31, 202020202019
Mortgage note (2) (3)
$— $1,426 7.49 %January 2022— $— $11,469 
Mortgage note11,838 12,513 6.28 %July 202223,500 23,662 
Mortgage note10,724 10,958 4.85 %October 202219,675 20,139 
Mortgage note15,805 16,131 5.75 %October 202219,180 19,751 
Mortgage note15,646 16,056 6.64 %June 202323,023 22,854 
Mortgage notes (4)
620,000 620,000 3.53 %August 2026705,096 724,715 
Mortgage note (3) (5)
— 1,589 6.25 %March 2026— — 4,226 
Mortgage note10,470 10,688 4.44 %July 204313,582 13,756 
Finance Leases7,811 8,874 7.70 %April 202618,097 18,432 
Total secured$692,294 $698,235 $822,153 $859,004 
(1)The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. As of December 31, 2020 and 2019, the unamortized net premiums and debt issuance costs on certain of these mortgages were $721 and $506, respectively.
(2)We prepaid this debt in May 2020.
(3)The properties encumbered by these mortgages were classified as held for sale as of December 31, 2019. The associated mortgages, along with $25 of unamortized net debt issuance costs, are included in liabilities of properties held for sale in our consolidated balance sheet as of December 31, 2019.
(4)The property encumbered by these mortgages is owned in a joint venture arrangement in which we own a 55% equity interest. The principal amounts listed in the table for these debts have not been adjusted to reflect the equity interests in the joint venture that we do not own.
(5)We prepaid this debt in February 2020.
Schedule of required principal payments on outstanding debt
Required principal payments on our outstanding debt as of December 31, 2020, are as follows:
YearPrincipal Payment
2021$303,159 
2022239,067 
202316,413 
2024251,834 
20251,002,001 
Thereafter1,729,820 
(1)
 
(1) The carrying value of our total debt outstanding as of December 31, 2020, including unamortized debt issuance costs, premiums and discounts was $3,498,811.