XML 21 R10.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The following table reflects a summary of our outstanding indebtedness as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024December 31, 2023
Carrying AmountCarrying Amount
Senior Unsecured Notes$1,759,250 $1,777,925 
Senior Unsecured Term Loans829,650 833,775 
Senior Unsecured Revolving Credit Facility455,919 392,156 
Total principal amount of indebtedness$3,044,819 $3,003,856 
Less: unamortized deferred financing costs
(9,908)(10,578)
Total indebtedness, net of deferred financing costs
$3,034,911 $2,993,278 
The following table provides the details of our Senior Unsecured Notes (in thousands):
March 31, 2024December 31, 2023
Stated Maturity DateContractual Interest RateBorrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
Series A Notes
01/20264.7%$200,000 $200,000 $200,000 $200,000 
Series B Notes
01/20294.9%$400,000 400,000 $400,000 400,000 
Series C Notes
01/20304.1%$350,000 350,000 $350,000 350,000 
Series D Notes01/20311.6%€400,000 431,600 €400,000 441,560 
Series E Notes01/20331.7%€350,000 377,650 €350,000 386,365 
Total Senior Unsecured Notes
$1,759,250 $1,777,925 
The following table provides the details of our Senior Unsecured Term Loans (balances in thousands):
March 31, 2024December 31, 2023
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
Tranche A-1
SOFR 0.9%
$375,000 $375,000 
SOFR 0.9%
$375,000 $375,000 
Tranche A-2
CDOR 0.9%
C$250,000 184,650 
CDOR 0.9%
C$250,000 188,775 
Delayed Draw Tranche A-3
SOFR 0.9%
$270,000 270,000 
SOFR 0.9%
$270,000 270,000 
Total Senior Unsecured Term Loan Facility
$829,650 $833,775 
(1) S = one-month Adjusted Term SOFR; C = one-month CDOR. Tranche A-1 and Tranche A-3 SOFR includes an adjustment of 0.1%, in addition to the margin. While the above reflects the contractual rate, refer to the description below of the Senior Unsecured Credit Facility for details of the portion of these Term Loans that are hedged, therefore, at a fixed interest rate for the duration of the respective swap agreement. Refer to Note 4 - Derivative Financial Instruments for details of the related interest rate swaps.
The following table provides the details of our Senior Unsecured Revolving Credit Facility (in thousands):
March 31, 2024December 31, 2023
Denomination of Draw
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
U.S. dollar
SOFR 0.8%
$104,000 $104,000 
SOFR 0.8%
$34,000 $34,000 
Australian dollar
BBSW 0.8%
A$197,000 128,464 
BBSW 0.8%
A$191,000 130,108 
British pound sterling
SONIA 0.8%
£78,000 98,459 
SONIA 0.8%
£78,000 99,302 
Canadian dollar
CDOR 0.8%
C$35,000 25,851 
CDOR 0.8%
C$35,000 26,429 
Euro
EURIBOR 0.8%
€67,500 72,833 
EURIBOR 0.8%
€67,500 74,513 
New Zealand dollar
BKBM 0.8%
NZD44,000 26,312 
BKBM 0.8%
NZD44,000 27,804 
Total Senior Unsecured Revolving Credit Facility
$455,919 $392,156 
(1) S = one-month Adjusted SOFR; C = one-month CDOR; E = Euro Interbank Offered Rate (EURIBOR); SONIA = Adjusted Sterling Overnight Interbank Average Rate; BBSW = Bank Bill Swap Rate; BKBM = Bank Bill Reference Rate. We have elected Daily SOFR for the entirety of our U.S. dollar denominated borrowings shown above, which includes an adjustment of 0.1%, in addition to the margin. Our British pound sterling borrowings bear interest tied to adjusted SONIA, which includes an adjustment of less than 0.1% in addition to our margin.
Refer to Note 9 - Segment Information of the Consolidated Financial Statements in the Company’s 2023 Annual Report on Form 10-K as filed with the SEC for further details of our outstanding indebtedness. As of March 31, 2024, we were in compliance with all debt covenants.