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Debt Obligations
 9 Months Ended
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, 2024December 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 20312.625%350,000 350,000 
Senior unsecured notes due 20345.750%350,000 — 
Senior unsecured notes due 20354.950%350,000 — 
Secured loan facilities
3.4% - 3.5%
395,000 395,000 
Mortgages
3.5% - 6.2%
68,155 95,677 
Finance lease liability98 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, 2024December 31, 2023
As to interest rate(1):
Fixed-rate debt$1,988,253 $1,540,985
Variable-rate debt145,750 445,750
Total$2,134,003 $1,986,735
As to collateralization:
Unsecured debt$1,670,750 $1,495,750
Secured debt463,253 490,985
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).