Debt (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Schedule of maturities of long-term debt |
The following table presents scheduled principal payments related to the Company’s debt as of September 30, 2024 (presented in thousands): | | | | | | | | | | Scheduled | | Balloon | | | | | Principal | | Payment | | Total | Remainder of 2024 | $ | 246 | | $ | — | | $ | 246 | 2025 | | 1,026 | | | 50,000 | | | 51,026 | 2026 | | 629 | | | — | | | 629 | 2027 | | — | | | 50,000 | | | 50,000 | 2028 (1) | | — | | | 459,000 | | | 459,000 | Thereafter | | — | | | 2,142,250 | | | 2,142,250 | Total scheduled principal payments | $ | 1,901 | | $ | 2,701,250 | | $ | 2,703,151 |
| (1) | The Revolving Credit Facility matures in August 2028, with options to extend the maturity to August 2029 and had a $49.0 million outstanding balance as of September 30, 2024. |
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| Mortgages |
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| Schedule of long-term debt instruments |
Mortgage notes payable consisted of the following (presented in thousands): | | | | | | | | | September 30, 2024 | | December 31, 2023 | Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026 | | $ | 1,901 | | $ | 2,618 | | | | | | | | Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029 | | | 42,250 | | | 42,250 | | | | | | | | Total principal | | | 44,151 | | | 44,868 | Unamortized debt issuance costs and assumed debt discount, net | | | (1,785) | | | (2,057) | Total | | $ | 42,366 | | $ | 42,811 |
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| Unsecured term loan |
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| Schedule of debt |
The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023 (presented in thousands): | | | | | | | | | | | | All-in | | | | | | | | | | Interest Rate (1) | | Maturity | | September 30, 2024 | | December 31, 2023 | 2029 Unsecured Term Loan | 4.52 | % | | January 2029 | | $ | 350,000 | | $ | 350,000 | Total Principal | | | | | | | 350,000 | | | 350,000 | Unamortized debt issuance costs, net | | | | | | | (2,726) | | | (3,202) | Total | | | | | | $ | 347,274 | | $ | 346,798 |
(1) Interest rate as of September 30, 2024 reflects the credit spread of 85 basis points, plus a 10 basis point SOFR adjustment and the impact of interest rate swaps which converted $350.0 million of SOFR-based interest to a fixed weighted average interest rate of 3.57%.
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| Senior Unsecured Notes |
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| Schedule of long-term debt instruments |
The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of September 30, 2024 and December 31, 2023 (presented in thousands): | | | | | | | | | | | | | | | All-in | | Coupon | | | | | | | | | | Interest Rate (1) | | Rate | | Maturity | | September 30, 2024 | | December 31, 2023 | 2025 Senior Unsecured Notes | 4.16 | % | | 4.16 | % | | May 2025 | | $ | 50,000 | | $ | 50,000 | 2027 Senior Unsecured Notes | 4.26 | % | | 4.26 | % | | May 2027 | | | 50,000 | | | 50,000 | 2028 Senior Unsecured Public Notes | 2.11 | % | | 2.00 | % | | June 2028 | | | 350,000 | | | 350,000 | 2028 Senior Unsecured Notes | 4.42 | % | | 4.42 | % | | July 2028 | | | 60,000 | | | 60,000 | 2029 Senior Unsecured Notes | 4.19 | % | | 4.19 | % | | September 2029 | | | 100,000 | | | 100,000 | 2030 Senior Unsecured Notes | 4.32 | % | | 4.32 | % | | September 2030 | | | 125,000 | | | 125,000 | 2030 Senior Unsecured Public Notes | 3.49 | % | | 2.90 | % | | October 2030 | | | 350,000 | | | 350,000 | 2031 Senior Unsecured Notes | 4.42 | % | | 4.47 | % | | October 2031 | | | 125,000 | | | 125,000 | 2032 Senior Unsecured Public Notes | 3.96 | % | | 4.80 | % | | October 2032 | | | 300,000 | | | 300,000 | 2033 Senior Unsecured Public Notes | 2.13 | % | | 2.60 | % | | June 2033 | | | 300,000 | | | 300,000 | 2034 Senior Unsecured Public Notes | 5.65 | % | | 5.63 | % | | June 2034 | | | 450,000 | | | — | Total Principal | | | | | | | | | | 2,260,000 | | | 1,810,000 | Unamortized debt issuance costs and original issue discounts, net | | | | | | | | | | (23,052) | | | (15,688) | Total | | | | | | | | | $ | 2,236,948 | | $ | 1,794,312 |
(1) The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable.
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