XML 29 R16.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Debt Obligations
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
As of March 31, 2024 and December 31, 2023, the Company had the following indebtedness outstanding:

Carrying Value as of
March 31,
2024		December 31,
2023
Stated
Interest
Rate(1)
Scheduled
Maturity
Date
Notes payable
Unsecured notes(2)
$4,818,805 $4,418,805 
2.25% – 7.97%
2024 – 2034
Net unamortized premium19,511 20,974 
Net unamortized debt issuance costs(20,424)(17,680)
Total notes payable, net
$4,817,892 $4,422,099 
Unsecured Credit Facility
Revolving Facility(3)
$— $18,500 6.29%2026
Term Loan Facility(3)(4)(5)
500,000 500,000 6.38%2027
Net unamortized debt issuance costs
(6,448)(7,074)
Total Unsecured Credit Facility and term loans
$493,552 $511,426 
Total debt obligations, net
$5,311,444 $4,933,525 
(1)Stated interest rates as of March 31, 2024 do not include the impact of the Company’s interest rate swap agreements (described below).
(2)The weighted average stated interest rate on the Company’s unsecured notes was 3.85% as of March 31, 2024.
(3)The Company's Revolving Facility (defined hereafter) and Term Loan Facility (defined hereafter) include a sustainability metric incentive, which can reduce the applicable credit spread by up to two basis points. During the year ended December 31, 2023, the Company concluded that it did not qualify for a reduction to the applicable credit spread during the year ended December 31, 2023 resulting in a less than $0.1 million increase to interest expense.
(4)Effective June 1, 2022, the Company has in place four interest rate swap agreements that convert the variable interest rate on $300.0 million outstanding under the Term Loan Facility (defined hereafter) to a fixed, combined interest rate of 2.59% (plus a spread of 120 basis points) through July 26, 2024.
(5)Effective May 1, 2023, the Company has in place three interest rate swap agreements that convert the variable interest rate on $200.0 million outstanding under the Term Loan Facility (defined hereafter) to a fixed, combined interest rate of 3.59% (plus a spread of 120 basis points and a SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility (defined hereafter) on July 26, 2027.

2024 Debt Transactions
The Operating Partnership has an unsecured credit facility as amended and restated on April 28, 2022 (the "Unsecured Credit Facility"), which is comprised of a $1.25 billion revolving loan facility (the "Revolving Facility") and a $500.0 million term loan (the "Term Loan Facility"). During the three months ended March 31, 2024, the Operating Partnership repaid $18.5 million, net of borrowings, under its Revolving Facility, with proceeds from dispositions and the issuance of its 2034 Notes (defined hereafter).

On January 12, 2024, the Operating Partnership issued $400.0 million aggregate principal amount of 5.500% Senior Notes due 2034 (the "2034 Notes") at 99.816% of par. The Operating Partnership intends to use the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2034 Notes bear interest at a rate of 5.500% per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2024. The 2034 Notes will mature on February 15, 2034.

Pursuant to the terms of the Company’s unsecured debt agreements, the Company, among other things, is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of March 31, 2024.
Debt Maturities
As of March 31, 2024 and December 31, 2023, the Company had accrued interest of $48.2 million and $47.1 million outstanding, respectively. As of March 31, 2024, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,
2024 (remaining nine months)$300,352 
2025700,000 
2026607,542 
2027900,000 
2028357,708 
Thereafter2,453,203 
Total debt maturities5,318,805 
Net unamortized premium19,511 
Net unamortized debt issuance costs(26,872)
Total debt obligations, net$5,311,444 

As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $300.4 million outstanding principal balance on its 3.650% Senior Notes due 2024 and the $700.0 million outstanding principal balance on its 3.850% Senior Notes due 2025. The Company has sufficient cash and cash equivalents and liquidity to satisfy these scheduled debt maturities.