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v3.24.2

Debt (Tables) | 6 Months Ended
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Jun. 30, 2024
Schedule of maturities of long-term debt | The following table presents scheduled principal payments related to the Company’s debt as of June 30, 2024 (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Scheduled |  | Balloon |  | ​ | ​
​ | Principal | ​ | Payment | ​ | Total
Remainder of 2024 | $ | 488 | ​ | $ | — | ​ | $ | 488
2025 | ​ | 1,026 | ​ | ​ | 50,000 | ​ | ​ | 51,026
2026 (1) | ​ | 629 | ​ | ​ | 43,000 | ​ | ​ | 43,629
2027 |  | — | ​ |  | 50,000 | ​ |  | 50,000
2028 | ​ | — | ​ | ​ | 410,000 | ​ | ​ | 410,000
Thereafter |  | — | ​ |  | 2,142,250 | ​ |  | 2,142,250
Total scheduled principal payments | $ | 2,143 | ​ | $ | 2,695,250 | ​ | $ | 2,697,393
| (1) | The Revolving Credit Facility matures in January 2026, with options to extend the maturity to January 2027 and had a $43.0 million outstanding balance as of June 30, 2024.
Mortgages |
Schedule of long-term debt instruments | Mortgage notes payable consisted of the following (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024 |  | December 31, 2023
Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026 | ​ | $ | 2,143 | ​ | $ | 2,618
​ | ​ | ​ | ​ | ​ | ​ | ​
Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029 | ​ |  | 42,250 | ​ |  | 42,250
​ | ​ |  | ​ | ​ |  |
Total principal | ​ |  | 44,393 | ​ |  | 44,868
Unamortized debt issuance costs and assumed debt discount, net | ​ |  | (1,875) | ​ |  | (2,057)
Total | ​ | $ | 42,518 | ​ | $ | 42,811
Unsecured term loan |
Schedule of debt | The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023 (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | All-in | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Interest Rate (1) | ​ | Maturity |  | June 30, 2024 |  | December 31, 2023
2029 Unsecured Term Loan | 4.52 | % | ​ | January 2029 | ​ | $ | 350,000 | ​ | $ | 350,000
Total Principal | ​ | ​ | ​ | ​ | ​ |  | 350,000 | ​ |  | 350,000
Unamortized debt issuance costs, net | ​ | ​ | ​ | ​ | ​ |  | (2,885) | ​ |  | (3,202)
Total | ​ | ​ | ​ | ​ | ​ | $ | 347,115 | ​ | $ | 346,798
​ (1) Interest rate as of June 30, 2024 reflects the credit spread of 85 basis points, plus a 10 basis point SOFR adjustment and the impact of interest rate swaps which converted $350.0 million of SOFR-based interest to a fixed weighted average interest rate of 3.57%.
Senior Unsecured Notes |
Schedule of long-term debt instruments | The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of June 30, 2024 and December 31, 2023 (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | All-in | ​ | Coupon | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Interest Rate (1) | ​ | Rate | ​ | Maturity | ​ | June 30, 2024 |  | December 31, 2023
2025 Senior Unsecured Notes | 4.16 | % | ​ | 4.16 | % | ​ | May 2025 | ​ | $ | 50,000 | ​ | $ | 50,000
2027 Senior Unsecured Notes | 4.26 | % | ​ | 4.26 | % | ​ | May 2027 | ​ |  | 50,000 | ​ |  | 50,000
2028 Senior Unsecured Public Notes | 2.11 | % | ​ | 2.00 | % | ​ | June 2028 | ​ |  | 350,000 | ​ |  | 350,000
2028 Senior Unsecured Notes | 4.42 | % | ​ | 4.42 | % | ​ | July 2028 | ​ | ​ | 60,000 | ​ | ​ | 60,000
2029 Senior Unsecured Notes | 4.19 | % | ​ | 4.19 | % | ​ | September 2029 | ​ |  | 100,000 | ​ |  | 100,000
2030 Senior Unsecured Notes | 4.32 | % | ​ | 4.32 | % | ​ | September 2030 | ​ |  | 125,000 | ​ |  | 125,000
2030 Senior Unsecured Public Notes | 3.49 | % | ​ | 2.90 | % | ​ | October 2030 | ​ | ​ | 350,000 | ​ | ​ | 350,000
2031 Senior Unsecured Notes | 4.42 | % | ​ | 4.47 | % | ​ | October 2031 | ​ | ​ | 125,000 | ​ | ​ | 125,000
2032 Senior Unsecured Public Notes | 3.96 | % | ​ | 4.80 | % | ​ | October 2032 | ​ | ​ | 300,000 | ​ | ​ | 300,000
2033 Senior Unsecured Public Notes | 2.13 | % | ​ | 2.60 | % | ​ | June 2033 | ​ |  | 300,000 | ​ | ​ | 300,000
2034 Senior Unsecured Public Notes | 5.65 | % | ​ | 5.63 | % | ​ | June 2034 | ​ |  | 450,000 | ​ | ​ | —
Total Principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2,260,000 | ​ |  | 1,810,000
Unamortized debt issuance costs and original issue discounts, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (23,777) | ​ |  | (15,688)
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,236,223 | ​ | $ | 1,794,312
​ (1) The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable.

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