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Notes and Bonds Payable | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Notes and Bonds Payable | Notes and Bonds Payable The table below details the Company’s notes and bonds payable as of September 30, 2024, and December 31, 2023.
| MATURITY DATE | BALANCE 1 AS OF | EFFECTIVE INTEREST RATE as of 9/30/2024
Dollars in thousands | 9/30/2024 | 12/31/2023
$1.5 billion Unsecured Credit Facility 2 | 10/25 | $ | 206,000 |  | $ | — |  | 5.79 | %
$200 million Unsecured Term Loan 3 | 5/25 | 199,833 |  | 199,903 |  | 6.24 | %
$350 million Unsecured Term Loan 4,5 | 7/25 | 99,740 |  | 349,798 |  | 6.24 | %
$300 million Unsecured Term Loan | 10/25 | 299,975 |  | 299,958 |  | 6.24 | %
$150 million Unsecured Term Loan | 6/26 | 149,753 |  | 149,643 |  | 6.24 | %
$200 million Unsecured Term Loan | 7/27 | 199,606 |  | 199,502 |  | 6.24 | %
$300 million Unsecured Term Loan | 1/28 | 298,603 |  | 298,288 |  | 6.24 | %
Senior Notes due 2025 | 5/25 | 249,771 |  | 249,484 |  | 4.12 | %
Senior Notes due 2026 | 8/26 | 584,836 |  | 579,017 |  | 4.94 | %
Senior Notes due 2027 | 7/27 | 486,990 |  | 483,727 |  | 4.76 | %
Senior Notes due 2028 | 1/28 | 297,877 |  | 297,429 |  | 3.85 | %
Senior Notes due 2030 | 2/30 | 583,330 |  | 575,443 |  | 5.30 | %
Senior Notes due 2030 | 3/30 | 297,086 |  | 296,780 |  | 2.72 | %
Senior Notes due 2031 | 3/31 | 296,214 |  | 295,832 |  | 2.25 | %
Senior Notes due 2031 | 3/31 | 662,719 |  | 649,521 |  | 5.13 | %
Mortgage notes payable | 9/24-12/26 | 45,463 |  | 70,534 |  | 3.57% - 6.88%
|  | $ | 4,957,796 |  | $ | 4,994,859 |  |
1 Balance is presented net of discounts and issuance costs and inclusive of premiums, where applicable. 2 As of September 30, 2024, the Company had $1.3 billion available to be drawn on its $1.5 billion Unsecured Credit Facility. 3 In April 2024, the Company exercised its option to extend the maturity date for one year to May 2025 for a fee of approximately $0.3 million. 4 In June 2024, the Company repaid $100 million of the initial $350 million Unsecured Term Loan and exercised its second option to extend the maturity date for one year to July 2025 for a fee of approximately $0.3 million. 5 In September 2024, the Company repaid an additional $150 million of the $350 million Unsecured Term Loan. In October 2024, the Company repaid the remaining $100 million outstanding on this loan. 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 balance 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 balance of $5.6 million. The mortgage note encumbered a 40,324 square foot property in Georgia. On September 1, 2024, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.15% per annum with an outstanding principal balance of $6.9 million. The mortgage note encumbered a 64,143 square foot property in Minnesota.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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