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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
____________________________________________________________________________
 
FORM 10-Q 
____________________________________________________________________________
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the Quarterly Period Ended March 31, 2021
 
OR
 
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from              to              .
 
Commission file number 1-34907
 
____________________________________________________________________________
 
STAG Industrial, Inc.
(Exact name of registrant as specified in its charter) 
____________________________________________________________________________
Maryland27-3099608
(State or other jurisdiction of(IRS Employer Identification No.)
incorporation or organization)
One Federal Street

23rd Floor
Boston,Massachusetts02110
(Address of principal executive offices)(Zip code)
                        
(617) 574-4777
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareSTAGNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer      Accelerated filer       Non-accelerated filer      Smaller reporting company      Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

The number of shares of common stock outstanding at May 3, 2021 was 159,688,186.



Table of Contents
STAG Industrial, Inc.
Table of Contents 
  
PART I.
  
Item 1.
  
 
  
 
  
 
  
 
  
 
  
 
  
Item 2.
  
Item 3.
  
Item 4.
  
PART II.
  
Item 1. 
  
Item 1A. 
  
Item 2.
  
Item 3.
  
Item 4.
  
Item 5.
  
Item 6. 
  
 

2

Table of Contents
Part I. Financial Information
Item 1.  Financial Statements

STAG Industrial, Inc.
Consolidated Balance Sheets
(unaudited, in thousands, except share data)
 March 31, 2021December 31, 2020
Assets  
Rental Property:  
Land$500,947 $492,783 
Buildings and improvements, net of accumulated depreciation of $524,965 and $495,348, respectively
3,565,366 3,532,608 
Deferred leasing intangibles, net of accumulated amortization of $264,103 and $258,005, respectively
490,532 499,802 
Total rental property, net4,556,845 4,525,193 
Cash and cash equivalents18,579 15,666 
Restricted cash3,738 4,673 
Tenant accounts receivable79,956 77,796 
Prepaid expenses and other assets44,841 43,471 
Interest rate swaps3,592  
Operating lease right-of-use assets25,016 25,403 
Assets held for sale, net 444 
Total assets$4,732,567 $4,692,646 
Liabilities and Equity  
Liabilities:  
Unsecured credit facility$233,000 $107,000 
Unsecured term loans, net970,572 971,111 
Unsecured notes, net573,377 573,281 
Mortgage notes, net56,341 51,898 
Accounts payable, accrued expenses and other liabilities60,600 69,765 
Interest rate swaps32,106 40,656 
Tenant prepaid rent and security deposits27,522 27,844 
Dividends and distributions payable19,657 19,379 
Deferred leasing intangibles, net of accumulated amortization of $16,105 and $15,759, respectively
33,559 32,762 
Operating lease liabilities27,717 27,898 
Total liabilities2,034,451 1,921,594 
Commitments and contingencies (Note 11)
Equity:  
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at March 31, 2021 and December 31, 2020,
  
Series C, -0- and 3,000,000 shares (liquidation preference of $25.00 per share) issued and outstanding at March 31, 2021 and December 31, 2020, respectively
 75,000 
Common stock, par value $0.01 per share, 300,000,000 shares authorized at March 31, 2021 and December 31, 2020, respectively, 159,082,448 and 158,209,823 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
1,591 1,582 
Additional paid-in capital3,443,787 3,421,721 
Cumulative dividends in excess of earnings(778,727)(742,071)
Accumulated other comprehensive loss(28,143)(40,025)
Total stockholders’ equity2,638,508 2,716,207 
Noncontrolling interest59,608 54,845 
Total equity2,698,116 2,771,052 
Total liabilities and equity$4,732,567 $4,692,646 

The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
STAG Industrial, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
 Three months ended March 31,
 20212020
Revenue        
Rental income$133,825 $118,339 
Other income170 209 
Total revenue133,995 118,548 
Expenses  
Property27,002 21,947 
General and administrative12,790 10,373 
Depreciation and amortization58,407 52,688 
Other expenses852 476 
Total expenses99,051 85,484 
Other income (expense)  
Interest and other income 32 79 
Interest expense(15,358)(14,864)
Debt extinguishment and modification expenses(679) 
Gain on the sales of rental property, net6,409 46,759 
Total other income (expense)(9,596)31,974 
Net income$25,348 $65,038 
Less: income attributable to noncontrolling interest after preferred stock dividends473 1,598 
Net income attributable to STAG Industrial, Inc.$24,875 $63,440 
Less: preferred stock dividends1,289 1,289 
Less: redemption of preferred stock2,582  
Less: amount allocated to participating securities73 79 
Net income attributable to common stockholders$20,931 $62,072 
Weighted average common shares outstanding — basic158,430 147,570 
Weighted average common shares outstanding — diluted159,126 147,656 
Net income per share — basic and diluted  
Net income per share attributable to common stockholders — basic$0.13 $0.42 
Net income per share attributable to common stockholders — diluted$0.13 $0.42 

The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
STAG Industrial, Inc.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)
 Three months ended March 31,
 20212020
Net income$25,348 $65,038 
Other comprehensive income (loss):  
Income (loss) on interest rate swaps12,150 (30,191)
Other comprehensive income (loss)12,150 (30,191)
Comprehensive income37,498 34,847 
Income attributable to noncontrolling interest after preferred stock dividends(473)(1,598)
Other comprehensive (income) loss attributable to noncontrolling interest(268)757 
Comprehensive income attributable to STAG Industrial, Inc.$36,757 $34,006 

The accompanying notes are an integral part of these consolidated financial statements.
5

Table of Contents
STAG Industrial, Inc.
Consolidated Statements of Equity
(unaudited, in thousands, except share data)
 Preferred StockCommon StockAdditional Paid-in CapitalCumulative Dividends in Excess of EarningsAccumulated Other Comprehensive LossTotal Stockholders’ EquityNoncontrolling Interest - Unit Holders in Operating PartnershipTotal Equity
 SharesAmount
Three months ended March 31, 2021
Balance, December 31, 2020$75,000 158,209,823 $1,582 $3,421,721 $(742,071)$(40,025)$2,716,207 $54,845 $2,771,052 
Proceeds from sales of common stock, net— 680,276 7 21,559 — — 21,566 — 21,566 
Redemption of preferred stock(75,000)— — 2,573 (2,582)— (75,009)— (75,009)
Dividends and distributions, net— — — — (58,828)— (58,828)(1,436)(60,264)
Non-cash compensation activity, net— 95,190 1 (3,214)(121)— (3,334)6,607 3,273 
Redemption of common units to common stock— 97,159 1 1,622 — — 1,623 (1,623)— 
Rebalancing of noncontrolling interest— — — (474)— — (474)474 — 
Other comprehensive income— — — — — 11,882 11,882 268 12,150 
Net income— — — — 24,875 — 24,875 473 25,348 
Balance, March 31, 2021$ 159,082,448 $1,591 $3,443,787 $(778,727)$(28,143)$2,638,508 $59,608 $2,698,116 
Three months ended March 31, 2020
Balance, December 31, 2019$75,000 142,815,593 $1,428 $2,970,553 $(723,027)$(18,426)$2,305,528 $58,363 $2,363,891 
Proceeds from sales of common stock, net— 5,600,000 56 172,667 — — 172,723 — 172,723 
Dividends and distributions, net— — — — (54,822)— (54,822)(896)(55,718)
Non-cash compensation activity, net— 73,048 1 (858)(390)— (1,247)2,618 1,371 
Redemption of common units to common stock— 219,390 2 3,426 — — 3,428 (3,428)— 
Rebalancing of noncontrolling interest— — — (3,293)— — (3,293)3,293 — 
Other comprehensive loss— — — — — (29,434)(29,434)(757)(30,191)
Net income— — — — 63,440 — 63,440 1,598 65,038 
Balance, March 31, 2020$75,000 148,708,031 $1,487 $3,142,495 $(714,799)$(47,860)$2,456,323 $60,791 $2,517,114 
The accompanying notes are an integral part of these consolidated financial statements.
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STAG Industrial, Inc.
Consolidated Statements of Cash Flows
(unaudited, in thousands)
 Three months ended March 31,
 20212020
Cash flows from operating activities:        
Net income$25,348 $65,038 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization58,407 52,688 
Non-cash portion of interest expense487 676 
Amortization of above and below market leases, net1,474 984 
Straight-line rent adjustments, net(4,676)(3,849)
Gain on the sales of rental property, net(6,409)(46,759)
Non-cash compensation expense4,615 2,852 
Change in assets and liabilities:  
Tenant accounts receivable3,281 (509)
Prepaid expenses and other assets(4,132)(490)
Accounts payable, accrued expenses and other liabilities(4,613)390 
Tenant prepaid rent and security deposits(322)(441)
Total adjustments48,112 5,542 
Net cash provided by operating activities73,460 70,580 
Cash flows from investing activities:  
Acquisitions of land and buildings and improvements(81,969)(100,187)
Additions of land and building and improvements(10,269)(16,815)
Acquisitions of other assets (450)
Proceeds from sales of rental property, net23,884 99,678 
Acquisition deposits, net2,008 500 
Acquisitions of deferred leasing intangibles(13,156)(18,706)
Net cash used in investing activities(79,502)(35,980)
Cash flows from financing activities:  
Proceeds from unsecured credit facility393,000 387,000 
Repayment of unsecured credit facility(267,000)(308,000)
Proceeds from unsecured term loans300,000 100,000 
Repayment of unsecured term loans(300,000) 
Repayment of mortgage notes (531)(497)
Payment of loan fees and costs(2,750) 
Proceeds from sales of common stock, net21,639 172,771 
Redemption of preferred stock(75,000) 
Dividends and distributions(59,996)(54,883)
Repurchase and retirement of share-based compensation(1,342)(1,472)
Net cash provided by financing activities8,020 294,919 
Increase in cash and cash equivalents and restricted cash1,978 329,519 
Cash and cash equivalents and restricted cash—beginning of period20,339 11,864 
Cash and cash equivalents and restricted cash—end of period$22,317 $341,383 
Supplemental disclosure:  
Cash paid for interest, net of capitalized interest$13,471 $12,544 
Supplemental schedule of non-cash investing and financing activities  
Acquisitions of land and buildings and improvements$(4,239)$ 
Acquisitions of deferred leasing intangibles$(703)$ 
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities$4,281 $(1,080)
Additions to building and other capital improvements from non-cash compensation$ $(8)
Assumption of mortgage notes $5,103 $ 
Fair market value adjustment to mortgage notes acquired$(161)$ 
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses, and other liabilities$879 $(62)
Dividends and distributions accrued$19,657 $18,301 
The accompanying notes are an integral part of these consolidated financial statements.
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STAG Industrial, Inc.
Notes to Consolidated Financial Statements
(unaudited)
1. Organization and Description of Business

STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of March 31, 2021 and December 31, 2020, the Company owned a 97.8% and 98.0%, respectively, common equity interest in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires.

As of March 31, 2021, the Company owned 494 buildings in 39 states with approximately 99.1 million rentable square feet, consisting of 414 warehouse/distribution buildings, 72 light manufacturing buildings, and eight flex/office buildings.

COVID-19 Pandemic

Currently, one of the most significant risks and uncertainties facing the Company and the real estate industry generally is the potential adverse effect of the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic.

The Company closely monitors the effect of the COVID-19 pandemic on all aspects of its business, including how the pandemic will affect its tenants and business partners. The Company did not incur significant disruptions from the COVID-19 pandemic during the three months ended March 31, 2021. In addition, the Company did not enter into any rent deferral agreements during the three months ended March 31, 2021. The Company will continue to evaluate tenant rent relief requests on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modified agreements, nor is the Company foregoing its contractual rights under its lease agreements.

The Company remains unable to predict the ultimate impact that the pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. The extent to which the COVID-19 pandemic affects the Company’s operations and those of its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

2. Summary of Significant Accounting Policies

Interim Financial Information
 
The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

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Basis of Presentation

The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.

Restricted Cash

The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows.

Reconciliation of cash and cash equivalents and restricted cash (in thousands)March 31, 2021December 31, 2020
Cash and cash equivalents$18,579 $15,666 
Restricted cash3,738 4,673 
Total cash and cash equivalents and restricted cash$22,317 $20,339 

Incentive and Equity-Based Employee Compensation Plans

On January 7, 2021, the Company adopted the STAG Industrial, Inc. Employee Retirement Vesting Program (the “Vesting Program”) to provide supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period under the terms of the Vesting Program, the Company accelerates equity-based compensation through the employee’s six-month retirement notification period or retirement eligibility date, respectively. The adoption of the Vesting Program resulted in an increase to general and administrative expenses of approximately $1.5 million for the three months ended March 31, 2021 due to the acceleration of equity-based compensation expense for certain eligible employees. The Company estimates that the adoption of the Vesting Program will result in an increase in general and administrative expenses of approximately $2.4 million for the year ending December 31, 2021.

Taxes

Federal Income Taxes

The Company’s taxable REIT subsidiary did not have any activity during the three months ended March 31, 2021 and 2020.

State and Local Income, Excise, and Franchise Tax

State and local income, excise, and franchise taxes in the amount of $0.4 million and $0.4 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, respectively.

Uncertain Tax Positions

As of March 31, 2021 and December 31, 2020, there were no liabilities for uncertain tax positions.

Concentrations of Credit Risk

Management believes the current credit risk of the Company’s portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.

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3. Rental Property

The following table summarizes the components of rental property as of March 31, 2021 and December 31, 2020.

Rental Property (in thousands)March 31, 2021December 31, 2020
Land$500,947 $492,783 
Buildings, net of accumulated depreciation of $347,390 and $327,043, respectively
3,242,182 3,195,439 
Tenant improvements, net of accumulated depreciation of $25,333 and $24,891, respectively
42,290 43,684 
Building and land improvements, net of accumulated depreciation of $152,242 and $143,414, respectively
274,135 275,433 
Construction in progress6,759 18,052 
Deferred leasing intangibles, net of accumulated amortization of $264,103 and $258,005, respectively
490,532 499,802 
Total rental property, net$4,556,845 $4,525,193 

Acquisitions

The following table summarizes the acquisitions of the Company during the three months ended March 31, 2021. The Company accounted for all of its acquisitions as asset acquisitions.

Market (1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price
(in thousands)
Omaha/Council Bluffs, NE-IAJanuary 21, 2021370,000 1 $24,922 
Minneapolis/St Paul, MNFebruary 24, 202180,655 1 10,174 
Long Island, NYFebruary 25, 202164,224 1 8,516 
Sacramento, CAFebruary 25, 2021267,284 1 25,917 
Little Rock/N Little RockMarch 1, 2021300,160 1 24,317 
Cleveland, OHMarch 18, 2021170,000 1 6,382 
Three months ended March 31, 20211,252,323 6 $100,228 
(1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected.

The following table summarizes the allocation of the consideration paid at the date of acquisition during the three months ended March 31, 2021 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.
Acquired Assets and LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$9,766 N/A
Buildings71,738 N/A
Tenant improvements757 N/A
Building and land improvements3,947 N/A
Deferred leasing intangibles - In-place leases9,813 8.7
Deferred leasing intangibles - Tenant relationships4,704 11.5
Deferred leasing intangibles - Above market leases1,975 15.0
Deferred leasing intangibles - Below market leases(2,633)5.9
Below market assumed debt adjustment161 18.8
Total purchase price$100,228  
Less: Mortgage notes assumed(5,103)
Net assets acquired$95,125 

On February 25, 2021, the Company assumed a mortgage note of approximately $5.1 million in connection with the acquisition of the property located in Long Island, NY. For a discussion of the method used to determine the fair value of the mortgage note, see Note 4.

The following table summarizes the results of operations for the three months ended March 31, 2021 for the buildings acquired during the three months ended March 31, 2021 included in the Company’s Consolidated Statements of Operations from the date of acquisition.

Results of Operations (in thousands)Three months ended March 31, 2021
Total revenue$1,287 
Net income$23 

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Dispositions

During the three months ended March 31, 2021, the Company sold four buildings to third parties comprised of approximately 0.5 million rentable square feet with a net book value of approximately $17.5 million. These buildings contributed approximately $10,000 and $0.4 million to revenue for the three months ended March 31, 2021 and 2020, respectively. These buildings contributed approximately $0.1 million and $0.1 million to net loss (exclusive of gain on the sales of rental property, net) for the three months ended March 31, 2021 and 2020, respectively. Net proceeds from the sales of rental property were approximately $23.9 million and the Company recognized the full gain on the sales of rental property, net, of approximately $6.4 million for the three months ended March 31, 2021.

Deferred Leasing Intangibles

The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020.

March 31, 2021December 31, 2020
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$92,406 $(35,251)$57,155 $92,125 $(33,629)$58,496 
Other intangible lease assets662,229 (228,852)433,377 665,682 (224,376)441,306 
Total deferred leasing intangible assets$754,635 $(264,103)$490,532 $757,807 $(258,005)$499,802 
Below market leases$49,664 $(16,105)$33,559 $48,521 $(15,759)$32,762 
Total deferred leasing intangible liabilities$49,664 $(16,105)$33,559 $48,521 $(15,759)$32,762 

The following table summarizes the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three months ended March 31, 2021 and 2020.

 Three months ended March 31,
Deferred Leasing Intangibles Amortization (in thousands)20212020
Net decrease to rental income related to above and below market lease amortization$1,480 $990 
Amortization expense related to other intangible lease assets$22,447 $20,302 

The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years beginning with 2021 as of March 31, 2021.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2021$56,927 $517 
2022$67,300 $483 
2023$58,725 $983 
2024$49,665 $1,452 
2025$42,085 $1,283 

4. Debt

The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of March 31, 2021 and December 31, 2020.
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LoanPrincipal Outstanding as of March 31, 2021 (in thousands)    Principal Outstanding as of December 31, 2020 (in thousands)
Interest 
Rate(1)(2)
    Maturity Date
Prepayment Terms(3) 
Unsecured credit facility:
Unsecured Credit Facility(4)
$233,000 
 
$107,000  L + 0.90%January 12, 2024i
Total unsecured credit facility233,000 
 
107,000     
Unsecured term loans: 
 
    
Unsecured Term Loan A150,000 
 
150,000  3.38 %March 31, 2022i
Unsecured Term Loan D150,000 
 
150,000  2.85 % January 4, 2023i
Unsecured Term Loan E175,000 175,000 3.92 %January 15, 2024i
Unsecured Term Loan F200,000 200,000 3.11 %January 12, 2025i
Unsecured Term Loan G300,000 300,000 1.28 %February 5, 2026i
Total unsecured term loans975,000 975,000 
Total unamortized deferred financing fees and debt issuance costs(4,428)(3,889)
Total carrying value unsecured term loans, net970,572 
 
971,111     
Unsecured notes: 
 
    
Series F Unsecured Notes100,000 100,000 3.98 %

January 5, 2023ii
Series A Unsecured Notes50,000 
 
50,000  4.98 %October 1, 2024ii
Series D Unsecured Notes100,000 
 
100,000  4.32 %February 20, 2025ii
Series G Unsecured Notes75,000 75,000 4.10 %June 13, 2025ii
Series B Unsecured Notes50,000 
 
50,000  4.98 %July 1, 2026ii
Series C Unsecured Notes80,000 
 
80,000  4.42 %December 30, 2026ii
Series E Unsecured Notes20,000 
 
20,000  4.42 %February 20, 2027ii
Series H Unsecured Notes100,000 100,000 4.27 %June 13, 2028ii
Total unsecured notes575,000 575,000 

Total unamortized deferred financing fees and debt issuance costs(1,623)(1,719)

Total carrying value unsecured notes, net573,377 
 
573,281 
 
 

  

Mortgage notes (secured debt):  

  
Wells Fargo Bank, National Association CMBS Loan48,063 
 
48,546  4.31 %December 1, 2022iii
Thrivent Financial for Lutherans3,527 3,556 4.78 %December 15, 2023iv
United of Omaha Life Insurance Company5,087  3.71 %October 1, 2039ii