Annual report pursuant to Section 13 and 15(d)

Notes Payable (Tables)

v3.19.3.a.u2
Notes Payable (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Unsecured Notes and Term Loans Outstanding

Our unsecured notes and term loans outstanding as of December 31, 2019 and 2018 are as follows (in thousands):
 
 
 
Effective
 
December 31,
 
Payoff Date/
 
Coupon/Stated Rate
 
Rate (1)
 
2019
 
2018
 
Maturity Date (2)
10 Year Unsecured Notes
4.95
%
 
5.05
%
 
250,000

 
$
250,000

 
10/1/2020
2015 Term Loan
 1 Month LIBOR + 110 basis points

 
2.72
%
 
150,000

 
150,000

 
3/15/2021
10 Year Unsecured Notes
3.95
%
 
4.02
%
 
300,000

 
300,000

 
10/15/2022
2018 Term Loan (3)
1 Month LIBOR + 110 basis points

 
2.87
%
 
250,000

 
250,000

 
7/21/2023
30 Year Unsecured Notes
7.25
%
 
7.36
%
 
50,000

 
50,000

 
2/25/2028
Total principal
 
 
 
 
1,000,000

 
1,000,000

 
 
Premiums and discounts, net
 
 
 
(797
)
 
(1,189
)
 
 
Deferred issuance costs, net
 
 
 
(2,481
)
 
(3,414
)
 
 
Total
 
 
 
 
$
996,722

 
995,397

 
 
______________________________
(1)  
For fixed rate notes, the effective rate represents the yield on issuance date, including the effects of discounts on the notes. For variable rate notes, the effective rate represents the rate as fixed by interest rate derivatives (see note 8).
(2)
No principal amounts are due prior to maturity.
(3)
The 2018 Term Loan increased and replaced the 2016 Term Loan (see note 6).

Schedule of Principal Payments on Debt
The required principal payments on the unsecured notes and term loans as of December 31, 2019 are as follows (in thousands):
2020
$
250,000

2021
150,000

2022
300,000

2023
250,000

2024

Thereafter
50,000

 
$
1,000,000