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Notes and Bonds Payable
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Notes and Bonds Payable Notes and Bonds Payable
 DECEMBER 31,
MATURITY DATES
CONTRACTUAL INTEREST RATESEFFECTIVE INTEREST RATESPRINCIPAL PAYMENTSINTEREST PAYMENTS
Dollars in thousands20232022
$1.5B Unsecured Credit Facility
— 385,000 10/25
SOFR + 0.95%
6.24 %At maturityMonthly
$350M Unsecured Term Loan 1
349,798 349,114 7/24
SOFR + 1.05%
6.30 %At maturityMonthly
$200M Unsecured Term Loan 1
199,903 199,670 5/24
SOFR + 1.05%
6.30 %At maturityMonthly
$150M Unsecured Term Loan 1
149,643 149,495 6/26
SOFR + 1.05%
6.30 %At maturityMonthly
$300M Unsecured Term Loan 1
299,958 299,936 10/25
SOFR + 1.05%
6.30 %At maturityMonthly
$200M Unsecured Term Loan 1
199,502 199,362 7/27
SOFR + 1.05%
6.30 %At maturityMonthly
$300M Unsecured Term Loan 1
298,288 297,869 1/28
SOFR + 1.05%
6.30 %At maturityMonthly
Senior Notes due 2025 1
249,484 249,115 5/253.88 %4.12 %At maturitySemi-annual
Senior Notes due 2026 1
579,017 571,587 8/263.50 %4.94 %At maturitySemi-annual
Senior Notes due 2027 1
483,727 479,553 7/273.75 %4.76 %At maturitySemi-annual
Senior Notes due 2028 1
297,429 296,852 1/283.63 %3.85 %At maturitySemi-annual
Senior Notes due 2030 1
575,443 565,402 2/303.10 %5.30 %At maturitySemi-annual
Senior Notes due 2030 1
296,780 296,385 3/302.40 %2.72 %At maturitySemi-annual
Senior Notes due 2031 1
295,832 295,547 3/312.05 %2.25 %At maturitySemi-annual
Senior Notes due 2031 1
649,521 632,693 3/312.00 %5.13 %At maturitySemi-annual
Mortgage notes payable 2
70,534 84,247 1/24-12/26
    3.6%-4.77%
3.57%-6.88%
MonthlyMonthly
$4,994,859 $5,351,827 
1Balances are shown net of discounts and unamortized issuance costs.
2Balances are shown net of discounts and unamortized issuance costs and include premiums.

The Company’s various debt agreements contain certain representations, warranties, and financial and other covenants customary in such loan agreements. Among other things, these provisions require the Company to maintain certain financial ratios and impose certain limits on the Company’s ability to incur indebtedness and create liens or encumbrances. As of December 31, 2023, the Company was in compliance with its financial covenant provisions under its various debt instruments.

Senior Notes
The following table reconciles the Company’s aggregate Senior notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022.
 DECEMBER 31,
Dollars in thousands20232022
Senior notes principal balance$3,699,285 $3,699,500 
Unaccreted discount(265,852)(304,919)
Debt issuance costs(6,200)(7,447)
Senior notes carrying amount$3,427,233 $3,387,134 
Term Loans
The following table reconciles the Company’s aggregate term loan principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022.

 DECEMBER 31,
Dollars in thousands20232022
Term loan principal balances$1,500,000 $1,500,000 
Debt issuance costs(2,908)(4,554)
Term Loans carrying amount$1,497,092 $1,495,446 
Mortgage Notes Payable
The following table reconciles the Company’s aggregate mortgage notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022.
 DECEMBER 31,
Dollars in thousands20232022
Mortgage notes payable principal balance$70,752 $84,122 
Unamortized premium285 486 
Unaccreted discount(237)(38)
Debt issuance costs(266)(323)
Mortgage notes payable carrying amount$70,534 $84,247 
Mortgage Activity
On July 28, 2023, the Company assumed a mortgage note payable of $5.6 million in connection with the acquisition of a 42,770 square foot property in Colorado Springs, Colorado. The note bears interest at a rate of 4.5% per annum and matures on April 1, 2026.
On August 1, 2023, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 3.31% per annum with an outstanding principal of $9.8 million. The mortgage note encumbered a 66,984 square foot property in Marietta, Georgia.
On December 1, 2023, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.51% per annum with an outstanding principal of $6.6 million. The mortgage note encumbered a 93,992 square foot property in Lakewood, Colorado.
Subsequent Changes in Debt Structure
On January 6, 2024, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.77% per annum with an outstanding principal of $11.3 million. The mortgage note encumbered a 63,012 square foot property in California.
On February 1, 2024, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.12% per annum with an outstanding principal of $5.6 million. The mortgage note encumbered a 40,324 square foot property in Georgia.
The following table details the Company’s mortgage notes payable, with related collateral.
 ORIGINAL BALANCE
EFFECTIVE INTEREST RATE 9
MATURITY
DATE
COLLATERAL 10
PRINCIPAL AND
INTEREST PAYMENTS 8
INVESTMENT IN COLLATERAL
at December 31,		BALANCE
at December 31,
Dollars in millions202320232022
Life Insurance Co. 1
12.3 3.86 %8/23MOB
Monthly/7-yr amort.
— — 10.0 
Life Insurance Co. 2
9.0 4.84 %12/23MOB,OFC
Monthly/10-yr amort.
— — 6.8 
Life Insurance Co. 3
13.3 4.13 %1/24MOB
Monthly/10-yr amort.
24.4 11.3 11.7 
Life Insurance Co. 4
6.8 3.96 %2/24MOB
Monthly/7-yr amort.
12.6 5.6 5.8 
Financial Services 5
9.7 4.32 %9/24MOB
Monthly/10-yr amort.
16.9 7.2 7.5 
Life Insurance Co. 6
16.5 3.43 %12/25MOB,OFC
Monthly/7-yr amort.
49.2 15.9 16.2 
Financial Services11.5 3.71 %1/26MOB
Monthly/10-yr amort.
41.7 7.8 8.3 
Life Insurance Co. 7
6.0 6.88 %4/26MOB
Monthly/7-yr amort.
11.6 5.2 — 
Life Insurance Co.
19.2 4.08 %12/26MOB
Monthly/10-yr amort.
45.7 17.5 17.9 
$202.1 $70.5 $84.2 
1The Company repaid this loan in August 2023. The Company's unencumbered gross investment was $26.0 million at December 31, 2023.
2The Company repaid this loan in December 2023. The Company's unencumbered gross investment was $24.5 million at December 31, 2023.
3The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above.
4The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above.
5The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above.
6The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above.
7The unaccreted portion of the $0.3 million discount recorded on this note upon acquisition is included in the balance above.
8Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted).
9The contractual interest rates for the seven outstanding mortgage notes ranged from 3.6% to 4.8% as of December 31, 2023.
10MOB-Medical office building; OFC-Office
Other Long-Term Debt Information
Future maturities of the Company’s notes and bonds payable as of December 31, 2023, were as follows:
Dollars in thousandsPRINCIPAL MATURITIES
NET ACCRETION/
AMORTIZATION 1
DEBT
ISSUANCE COSTS 2
NOTES AND
BONDS PAYABLE		%
2024$575,473 $(41,050)$(2,438)$531,985 10.7 %
2025566,375 (43,163)(1,916)521,296 10.4 %
2026778,904 (41,837)(1,650)735,417 14.7 %
2027700,000 (36,192)(1,519)662,289 13.3 %
2028600,000 (35,179)(707)564,114 11.3 %
2029 and thereafter2,049,285 (68,382)(1,145)1,979,758 39.6 %
$5,270,037 $(265,803)$(9,375)$4,994,859 100.0 %
1Includes discount accretion and premium amortization related to the Company’s Senior Notes and four mortgage notes payable.
2Excludes approximately $3.9 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net.