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Debt Obligations (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
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.
Schedule of Maturities of Long-Term Debt
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