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Revolving Credit Facility and Commercial Paper Programs | 9 Months Ended
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Sep. 30, 2024
Debt |
Debt | Mortgages Payable During the nine months ended September 30, 2024, we made $626.3 million in principal payments, including the full repayment of three mortgages for $622.7 million. No mortgages were assumed during the nine months ended September 30, 2024. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions which vary from loan to loan. Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At September 30, 2024, we were in compliance with these covenants. The following table summarizes our mortgages payable as of September 30, 2024 and December 31, 2023 (dollars in millions):
As Of | Number of Properties (1) |  | Weighted Average Stated Interest Rate (2) |  | Weighted Average Effective Interest Rate (3) |  | Weighted Average Remaining Years Until Maturity |  | Remaining Principal Balance |  | Unamortized Premium (Discount) and Deferred Financing Costs Balance, net |  | Mortgage Payable Balance
September 30, 2024 | 48 |  | 4.3 | % |  | 4.6 | % |  | 0.8 |  | $ | 198.1 |  |  | $ | (0.6) |  |  | $ | 197.5 |
December 31, 2023 | 131 |  | 4.8 | % |  | 3.3 | % |  | 0.4 |  | $ | 822.4 |  |  | $ | (0.8) |  |  | $ | 821.6 |
(1)At September 30, 2024, there were 13 mortgages on 48 properties and at December 31, 2023, there were 16 mortgages on 131 properties. With the exception of one GBP-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At September 30, 2024 and December 31, 2023, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at September 30, 2024 and December 31, 2023, respectively. (3) Effective interest rates ranged from 2.8% to 6.8% and 0.5% to 6.6% at September 30, 2024 and December 31, 2023, respectively. The following table summarizes the maturity of mortgages payable as of September 30, 2024, excluding $0.6 million related to unamortized net discounts and deferred financing costs (dollars in millions):
Year of Maturity |  | Principal
2024 |  | $ | 114.2
2025 |  | 46.0
2026 |  | 12.0
2027 |  | 22.3
2028 |  | 1.3
Thereafter |  | 2.3
Totals |  | $ | 198.1
Revolving Credit Facility and Commercial Paper Programs |
Debt |
Debt | Revolving Credit Facility and Commercial Paper Programs A. Credit Facility We have a $4.25 billion unsecured revolving multi-currency credit facility that matures in June 2026, includes two six-month extensions that can be exercised at our option, and allows us to borrow in up to 14 currencies, including USD. Our revolving credit facility also has a $1.0 billion expansion option, which is subject to obtaining lender commitments. Under our revolving credit facility, our investment grade credit ratings at September 30, 2024 provide for USD borrowings at Secured Overnight Financing Rate ("SOFR"), plus 0.725% with a SOFR adjustment charge of 0.10% and a revolving credit facility fee of 0.125%, for all-in pricing of 0.95% over SOFR, GBP at the Sterling Overnight Indexed Average (“SONIA”), plus 0.725% with a SONIA adjustment charge of 0.0326% and a revolving credit facility fee of 0.125%, for all-in pricing of 0.8826% over SONIA, and Euro ("EUR") borrowings at one-month Euro Interbank Offered Rate (“EURIBOR”), plus 0.725%, and a revolving credit facility fee of 0.125%, for all-in pricing of 0.85% over one-month EURIBOR. As of September 30, 2024, we had a borrowing capacity of $3.82 billion available on our revolving credit facility (subject to customary conditions to borrowing) and an outstanding balance of $0.4 billion, including £0.3 billion GBP and €6.0 million EUR borrowings. There was no outstanding balance at December 31, 2023. The weighted average interest rate on outstanding borrowings under our revolving credit facility was 5.4% and 4.8% during the nine months ended September 30, 2024, and 2023, respectively. At September 30, 2024, our weighted average interest rate on borrowings outstanding under our revolving credit facility was 5.7%. Our revolving credit facility is subject to various leverage and interest coverage ratio limitations, and at September 30, 2024, we were in compliance with the covenants under our revolving credit facility. As of September 30, 2024, credit facility origination costs of $8.6 million are included in 'Other assets, net', as compared to $12.3 million at December 31, 2023, on our consolidated balance sheets. These costs are being amortized over the remaining term of our revolving credit facility. B. Commercial Paper Programs We have a USD-denominated unsecured commercial paper program, under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $1.5 billion, as well as a EUR-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent). Our EUR-denominated unsecured commercial paper program may be issued in USD or various foreign currencies, including but not limited to, EUR, GBP, Swiss Francs, Yen, Canadian Dollars, and Australian Dollars, in each case, pursuant to customary terms in the European commercial paper market. The commercial paper ranks pari passu in right of payment with all of our other unsecured senior indebtedness outstanding, exclusive of unexchanged VEREIT, Inc. (“VEREIT”) and Spirit bonds, including borrowings under our revolving credit facility, our term loans and our outstanding senior unsecured notes (and is structurally subordinated to all our subsidiary debt). Proceeds from commercial paper borrowings are used for general corporate purposes. As of September 30, 2024, we have no outstanding borrowings under our commercial paper programs, as compared to $764.4 million outstanding commercial paper borrowings, including €583.0 million of EUR borrowings, at December 31, 2023. The weighted average interest rate on outstanding borrowings under our commercial paper programs was 4.6% and 4.7% for the nine months ended September 30, 2024, and 2023, respectively. We use our $4.25 billion revolving credit facility as a liquidity backstop for the repayment of the notes issued under the commercial paper programs. The commercial paper borrowings generally carry a term of less than a year. We review our credit facility and commercial paper programs and may seek to extend, renew, or replace our credit facility and commercial paper programs, to the extent we deem appropriate.

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