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Debt Obligations | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt Obligations |
6. DEBT OBLIGATIONS
The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financial instruments, for our debt obligations as of September 30, 2024 and December 31, 2023 (dollars in thousands):
| Interest Rate(1) |  | September 30, 2024 |  | December 31, 2023
Revolving credit facility | SOFR + 0.9% |  | $ | 36,000 |  |  | $ | 181,000 |
Term loans(2) | 3.8% - 6.2% |  | 584,750 |  |  | 964,750 |
Senior unsecured notes due 2031 | 2.625% |  | 350,000 |  |  | 350,000 |
Senior unsecured notes due 2034 | 5.750% |  | 350,000 |  |  | — |
Senior unsecured notes due 2035 | 4.950% |  | 350,000 |  |  | — |
Secured loan facilities | 3.4% - 3.5% |  | 395,000 |  |  | 395,000 |
Mortgages | 3.5% - 6.2% |  | 68,155 |  |  | 95,677 |
Finance lease liability |  |  | 98 |  |  | 308 |
Discount on notes payable |  |  | (22,708) |  |  | (6,302) |
Assumed market debt adjustments, net |  |  | (154) |  |  | (858) |
Deferred financing expenses, net |  |  | (6,353) |  |  | (10,303) |
Total |  |  | $ | 2,104,788 |  |  | $ | 1,969,272 |
Weighted-average interest rate(3) |  |  | 4.4 | % |  | 4.2 | %
(1)Interest rates are as of September 30, 2024. (2)Our term loans carry an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus a spread. While most of the rates are fixed through the use of swaps, a portion of these loans are not subject to a swap, and thus are still indexed to SOFR. (3)Includes the effects of derivative financial instruments that were effective as of September 30, 2024 and December 31, 2023 (see Notes 7 and 12). 2024 Debt Activity—During the nine months ended September 30, 2024, we repaid $27.5 million in mortgage debt. In May 2024, we issued $350 million of 5.750% senior notes due 2034 at an issue price of 98.576% in an underwritten offering. The offering resulted in gross proceeds of $345.0 million, which were used to pay down $202 million of our revolving credit facility and $135 million of our $240 million term loan that was set to mature in November 2025. In September 2024, we issued $350 million of 4.950% senior notes due 2035 at an issue price of 98.458% in an underwritten offering. The offering resulted in gross proceeds of $344.6 million, which were used to pay down $90 million of our revolving credit facility and $140 million of our $240 million term loan that is set to mature in July 2026. Additionally, we paid in full our $105 million term loan that was set to mature in November 2025. The 2024 senior note issuances are fully and unconditionally guaranteed by us. 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, and including the effects of derivative financial instruments as of September 30, 2024 and December 31, 2023 is summarized below (in thousands):
| September 30, 2024 |  | December 31, 2023
As to interest rate(1): |  |  |
Fixed-rate debt | $ | 1,988,253 |  |  | $ | 1,540,985
Variable-rate debt | 145,750 |  |  | 445,750
Total | $ | 2,134,003 |  |  | $ | 1,986,735
As to collateralization: |  |  |
Unsecured debt | $ | 1,670,750 |  |  | $ | 1,495,750
Secured debt | 463,253 |  |  | 490,985
Total | $ | 2,134,003 |  |  | $ | 1,986,735
(1)Fixed-rate debt includes, and variable-rate debt excludes, the portion of such debt that has been hedged by interest rate derivatives. As of September 30, 2024, $475 million in variable-rate debt is hedged to a fixed rate for a weighted-average period of 1.5 years (see Notes 7 and 12).

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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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