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Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt and Lines of Credit | Debt consists of the following ($ in thousands):
| March 31, 2023 |  | December 31, 2022 |  | Weighted Average Maturity In Years as of March 31, 2023
Term loan - variable rate (1) | $ | (1,724) |  |  | $ | (1,611) |  |  | N/A
Bonds public offering - fixed rate, net | 5,315,425 |  |  | 5,313,779 |  |  | 7.4
Unsecured debt, net (2) | 5,313,701 |  |  | 5,312,168 |  |  |
Lines of credit (3) | 457 |  |  | 52,073 |  |  |
Mortgage notes payable, net (4) | 593,147 |  |  | 593,943 |  |  | 7.8
Total debt, net | $ | 5,907,305 |  |  | $ | 5,958,184 |  |  |
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering | 3.3 | % |  | 3.3 | % |  |
Weighted average interest rate on lines of credit | 5.3 | % |  | 4.4 | % |  |
Weighted average interest rate on mortgage notes payable | 3.6 | % |  | 3.5 | % |  |
(1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%. The loan has been swapped to an all-in fixed rate of 4.2% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. The loan includes a six-month delayed draw feature. There was $1.7 million of unamortized debt issuance costs as of March 31, 2023. (2) Unsecured debt, net, consists of fixed rate public bond offerings which includes unamortized discount, net of premiums, of $7.4 million and $7.9 million and unamortized debt issuance costs of $28.9 million and $29.9 million, as of March 31, 2023 and December 31, 2022, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of March 31, 2023, excludes unamortized debt issuance costs of $4.8 million and $5.1 million as of March 31, 2023 and December 31, 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of March 31, 2023, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of January 2027 with two six-month extensions, exercisable at the Company’s option. As of March 31, 2023, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of July 2024. (4) Includes total unamortized premium, net of discounts of $1.0 million and $1.2 million, reduced by unamortized debt issuance costs of $1.9 million and $2.0 million, as of March 31, 2023 and December 31, 2022, respectively.
Summary of Aggregate Scheduled Principal Payments | The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of March 31, 2023 are as follows ($ in thousands):
2023 (1) | $ | 302,223 |
2024 | 403,109 |
2025 | 633,054 |
2026 | 549,405 |
2027 | 503,955 |
Thereafter | 3,552,269 |
Total | $ | 5,944,015 |
(1) In April 2023, the Company has drawn on the $300.0 million unsecured term loan and is expected to use the proceeds to repay the Company’s $300.0 million unsecured notes due in May 2023.

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- Definition Tabular disclosure of information pertaining to long-debt instruments, line of credit or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
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