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Debt Obligations (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 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).
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, 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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