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DEBT (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Summary of total secured notes payable outstanding
The following table is a summary of our total secured notes payable outstanding as of September 30, 2021 and December 31, 2020 (in thousands):
 Principal Balance as ofStated Interest RateStated Maturity Date
Description of DebtSeptember 30, 2021December 31, 2020as of September 30, 2021
City Center Bellevue (1)
111,000 111,000 3.98 %November 1, 2022
111,000 111,000 
Debt issuance costs, net of accumulated amortization of $376 and $345, respectively
(45)(77)
Total Secured Notes Payable Outstanding$110,955 $110,923 

(1)Interest only.
The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of September 30, 2021 and December 31, 2020 (in thousands):
Description of DebtPrincipal Balance as ofStated Interest RateStated Maturity Date
September 30, 2021December 31, 2020as of September 30, 2021
Term Loan A$100,000 $100,000 Variable
(1)
January 9, 2022
Senior Guaranteed Notes, Series A (2)
— 150,000 4.04 %
(3)
October 31, 2021
Term Loan B100,000 100,000 Variable
(4)
March 1, 2023
Term Loan C50,000 50,000 Variable
(5)
March 1, 2023
Senior Guaranteed Notes, Series F100,000 100,000 3.78 %
(6)
July 19, 2024
Senior Guaranteed Notes, Series B100,000 100,000 4.45 %February 2, 2025
Senior Guaranteed Notes, Series C100,000 100,000 4.50 %April 1, 2025
Senior Guaranteed Notes, Series D250,000 250,000 4.29 %
(7)
March 1, 2027
Senior Guaranteed Notes, Series E100,000 100,000 4.24 %
(8)
May 23, 2029
Senior Guaranteed Notes, Series G150,000 150,000 3.91 %
(9)
July 30, 2030
3.375% Senior Unsecured Notes500,000 — 3.38 %February 1, 2031
1,550,000 1,200,000 
Debt discount and issuance costs, net of accumulated amortization of $9,128 and $8,856, respectively
(12,228)(3,323)
Total Unsecured Notes Payable$1,537,772 $1,196,677 
 
(1)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan A at approximately 4.13% through the interest rate swap maturity date of January 9, 2021, subject to adjustments based on our consolidated leverage ratio. Subsequent to January 9, 2021, the interest rate associated with Term Loan A will be variable as described below.
(2)Notes prepaid in full, with make-whole penalty thereon of approximately $3.9 million, on January 26, 2021.
(3)The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million. The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. On January 26, 2021, we prepaid the entirety of the Senior Guaranteed Notes, Series A with make-whole premium thereon.
(4)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately 2.65%, subject to adjustments based on our consolidated leverage ratio.
(5)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C at approximately 3.14% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan C is approximately 2.64%, subject to adjustments based on our consolidated leverage ratio.
(6)The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum.
(7)The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. Each of the forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum.
(8)The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum.
(9)The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.