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UNSECURED DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments | A summary of the carrying amount of Unsecured debt follows:
|  |  |  |  |  |  | Balance at December 31,
| Margin |  | Interest Rate |  | Maturity Date |  | 2024 |  | 2023
|  |  |  |  |  |  | (In thousands)
$50 Million Unsecured Term Loan (1) | 0.94% |  | 4.08% |  | 08/30/2024 |  | $ | — |  |  | 50,000 |
$60 Million Senior Unsecured Notes | Not applicable |  | 3.46% |  | 12/13/2024 |  | — |  |  | 60,000 |
$60 Million Senior Unsecured Notes | Not applicable |  | 3.48% |  | 12/15/2024 |  | — |  |  | 60,000 |
$50 Million Unsecured Term Loan (1) | 1.10% |  | 1.58% |  | 03/18/2025 |  | 50,000 |  |  | 50,000 |
$20 Million Senior Unsecured Notes | Not applicable |  | 3.80% |  | 08/28/2025 |  | 20,000 |  |  | 20,000 |
$25 Million Senior Unsecured Notes | Not applicable |  | 3.97% |  | 10/01/2025 |  | 25,000 |  |  | 25,000 |
$50 Million Senior Unsecured Notes | Not applicable |  | 3.99% |  | 10/07/2025 |  | 50,000 |  |  | 50,000 |
$100 Million Unsecured Term Loan (1) | 0.94% |  | 2.09% |  | 10/10/2026 |  | 100,000 |  |  | 100,000 |
$40 Million Senior Unsecured Notes | Not applicable |  | 3.75% |  | 12/15/2026 |  | 40,000 |  |  | 40,000 |
$100 Million Unsecured Term Loan (1) | 0.95% |  | 1.80% |  | 03/25/2027 |  | 100,000 |  |  | 100,000 |
$75 Million Unsecured Term Loan (1) | 0.94% |  | 3.99% |  | 08/31/2027 |  | 75,000 |  |  | 75,000 |
$60 Million Senior Unsecured Notes | Not applicable |  | 3.93% |  | 04/10/2028 |  | 60,000 |  |  | 60,000 |
$100 Million Unsecured Term Loan (1) (2) | 0.95% |  | 2.61% |  | 09/29/2028 |  | 100,000 |  |  | 100,000 |
$80 Million Senior Unsecured Notes | Not applicable |  | 4.27% |  | 03/28/2029 |  | 80,000 |  |  | 80,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 3.47% |  | 08/19/2029 |  | 75,000 |  |  | 75,000 |
$100 Million Unsecured Term Loan (1) | 1.35% |  | 5.27% |  | 01/13/2030 |  | 100,000 |  |  | 100,000 |
$100 Million Senior Unsecured Notes | Not applicable |  | 2.61% |  | 10/14/2030 |  | 100,000 |  |  | 100,000 |
$125 Million Senior Unsecured Notes | Not applicable |  | 2.74% |  | 06/10/2031 |  | 125,000 |  |  | 125,000 |
$35 Million Senior Unsecured Notes | Not applicable |  | 3.54% |  | 08/15/2031 |  | 35,000 |  |  | 35,000 |
$150 Million Senior Unsecured Notes | Not applicable |  | 3.03% |  | 04/20/2032 |  | 150,000 |  |  | 150,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 2.71% |  | 10/14/2032 |  | 75,000 |  |  | 75,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 4.90% |  | 10/12/2033 |  | 75,000 |  |  | 75,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 4.95% |  | 10/12/2034 |  | 75,000 |  |  | 75,000 |
|  |  |  |  |  |  | $ | 1,510,000 |  |  | 1,680,000 |
(1)The interest rates on these unsecured term loans are comprised of Term SOFR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term SOFR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2024. (2)This term loan was refinanced effective September 29, 2023. The margin was reduced by approximately 45 basis points, changing the effectively fixed rate from 3.06% to 2.61%.
Principal payments due during the next five years | Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2024 are as follows:
Years Ending December 31, |  | (In thousands)
2025 |  | $ | 145,000 |
2026 |  | 140,000 |
2027 |  | 175,000 |
2028 |  | 160,000 |
2029 |  | 155,000 |
Thereafter |  | 735,000 |
Total unsecured debt, before amortization of debt issuance costs |  | $ | 1,510,000 |
Schedule of Debt | The Company’s unsecured debt is detailed below:
| December 31,
| 2024 |  | 2023
| (In thousands)
Unsecured debt - fixed rate, carrying amount (1) | $ | 1,510,000 |  |  | 1,680,000 |
Unamortized debt issuance costs | (2,843) |  |  | (3,653) |
Unsecured debt, net of debt issuance costs | $ | 1,507,157 |  |  | 1,676,347 |
(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.

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