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DEBT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financial instruments, on our debt obligations as of December 31, 2021 and 2020 (dollars in thousands):
   
Interest Rate(1)
20212020
Revolving credit facility
LIBOR + 1.1%
$— $— 
Term loans(2)
1.3% - 4.2%
955,000 1,622,500 
Senior unsecured notes due 20312.6%350,000 — 
Secured loan facilities
3.4% - 3.5%
395,000 395,000 
Mortgages
3.5% - 6.4%
213,316 290,022 
Finance lease liability766 164 
Discount on notes payable(7,680)— 
Assumed market debt adjustments, net(1,530)(1,543)
Deferred financing expenses, net(13,150)(13,538)
Total  $1,891,722 $2,292,605 
Weighted-average interest rate(3)
3.3 %3.1 %
(1)Interest rates are as of December 31, 2021.
(2)Our term loans carry an interest rate of LIBOR plus a spread. While most of the rates are fixed through the use of swaps, there is a portion of these loans that are not subject to a swap, and thus are still indexed to LIBOR.
(3)Includes the effects of derivative financial instruments (see Notes 9 and 16).
Schedule of Debt Allocation The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments, discount on senior notes, and deferred financing expenses, net, as of December 31, 2021 and 2020, is summarized below (in thousands):
   20212020
As to interest rate:
Fixed-rate debt$1,889,082 $1,727,186 
Variable-rate debt25,000 580,500 
Total$1,914,082 $2,307,686 
As to collateralization:
Unsecured debt$1,305,000 $1,622,500 
Secured debt609,082 685,186 
Total  $1,914,082 $2,307,686 
Schedule of Maturities of Long-Term Debt Below is our maturity schedule with the respective principal payment obligations, excluding finance lease liabilities, market debt adjustments, discount on senior notes, and deferred financing expenses, net (in thousands):
   20222023202420252026ThereafterTotal
Unsecured debt(1)
$— $— $475,000 $240,000 $240,000 $350,000 $1,305,000 
Secured debt60,746 66,657 28,126 27,873 1,908 423,006 608,316 
Total$60,746 $66,657 $503,126 $267,873 $241,908 $773,006 $1,913,316 
(1)Includes our term loans and senior notes.