v3.24.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Summary of Senior Notes Issuances
The following table summarizes the Company’s senior unsecured note issuances for the year ended December 31, 2023 (dollars in thousands):
Issue DateAmountCoupon RateMaturity Year
January 17, 2023$400,000 5.25 %2032
May 10, 2023(1)
350,000 5.25 %2032
_______________________________________
(1)In May 2023, the Company issued $350 million of 5.25% senior unsecured notes due 2032, which constituted an additional issuance of, and are treated as a single series with, the $400 million of senior unsecured notes due 2032 issued in January 2023.
Summary of Debt Maturities and Schedule Principal Repayments
The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 2024 (dollars in thousands):
Senior Unsecured
Notes(2)
Mortgage
Debt(3)
YearBank Line 
of Credit
Commercial Paper(1)
Term LoansAmount
Interest Rate(4)
Amount
Interest Rate(4)
Total
2024$— $— $— $— — %$28,564 7.22 %$28,564 
2025— — — 800,000 3.92 %3,684 4.01 %803,684 
2026— 25,000 — 650,000 3.40 %344,999 4.90 %1,019,999 
2027— — 500,000 850,000 3.23 %842 5.57 %1,350,842 
2028— — 400,000 850,000 3.53 %2,775 5.30 %1,252,775 
Thereafter— — 750,000 3,550,000 4.35 %— — %4,300,000 
 — 25,000 1,650,000 6,700,000 380,864 8,755,864 
Premiums, (discounts), and debt issuance costs, net— — (4,544)(148,845)552 (152,837)
$— $25,000 $1,645,456 $6,551,155 $381,416 $8,603,027 
_______________________________________
(1)Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility.
(2)Effective interest rates on the senior unsecured notes range from 1.54% to 6.87% with a weighted average effective interest rate of 3.96% and a weighted average maturity of 5 years.
(3)Effective interest rates on the mortgage debt range from 3.44% to 9.02% with a weighted average effective interest rate of 5.07% and a weighted average maturity of 2 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.
(4)Represents the weighted-average effective interest rate as of the end of the applicable period, including amortization of debt premiums (discounts) and debt issuance costs.