XML 69 R49.htm IDEA: XBRL DOCUMENT v3.22.0.1
DEBT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Consolidated Debt Obligations
The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of December 31, 2021 and 2020 (in thousands):
December 31, 2021December 31, 2020Effective
Interest Rate		Maturity
Date
UNSECURED DEBT
$600 million Unsecured Credit Facility
$23,000 $— 
LIBOR + 1.10%
July 2022(a)
Seven-Year Term Loan - Swapped to fixed
250,000 250,000 2.87%October 2022
$350.0M 3.95% Guaranteed Notes due 2023
350,000 350,000 3.87%February 2023
$350.0M 4.10% Guaranteed Notes due 2024
350,000 350,000 3.78%October 2024
$450.0M 3.95% Guaranteed Notes due 2027
450,000 450,000 4.03%November 2027
$350.0M 4.55% Guaranteed Notes due 2029
350,000 350,000 4.30%October 2029
Indenture IA (Preferred Trust I)27,062 27,062 
LIBOR + 1.25%
March 2035
Indenture IB (Preferred Trust I)
25,774 25,774 
LIBOR + 1.25%
April 2035
Indenture II (Preferred Trust II)25,774 25,774 
LIBOR + 1.25%
July 2035
Principal balance outstanding1,851,610 1,828,610 
Plus: original issue premium (discount), net8,187 10,137 
Less: deferred financing costs(6,211)(8,152)
Total unsecured indebtedness$1,853,586 $1,830,595 
(a)The Company has the ability to extend the term of the Unsecured Credit Facility until July 2023 through two successive six-month extension options.
Schedule of Maturities of Long-term Debt
As of December 31, 2021, the aggregate principal payments of the unconsolidated real estate ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2022$8,543 
2023477,649 
2024330,317 
2025— 
2026145,000 
Thereafter— 
Total principal payments961,509 
Net deferred financing costs(5,923)
Net original issue premium1,082 
Outstanding indebtedness$956,668 
As of December 31, 2021, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):
2022$273,000 
2023350,000 
2024350,000 
2025— 
2026— 
Thereafter878,610 
Total principal payments1,851,610 
Net unamortized premiums/(discounts)8,187 
Net deferred financing costs(6,211)
Outstanding indebtedness$1,853,586