v3.24.3

Unsecured Credit Agreements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Instrument [Line Items] |
Summary of Debt Issuance Cost Amortization | The following table summarizes debt issuance cost and original issuance discount amortization:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Debt issuance costs and original issuance discount amortization |  | $ | 983 |  |  | $ | 983 |  |  | $ | 2,949 |  |  | $ | 2,955 |
Unsecured Debt |
Debt Instrument [Line Items] |
Summary of Unsecured Credit Agreements | The following table summarizes the Company’s unsecured credit agreements:
|  | Outstanding Balance |  |  |  |  |
(in thousands, except interest rates) |  | September 30, 2024 |  |  | December 31, 2023 |  |  | Interest Rate |  | Maturity Date
Unsecured revolving credit facility |  | $ | 125,482 |  |  | $ | 90,434 |  |  | Applicable reference rate + 0.85% (a) |  | Mar. 2026 (d)
Unsecured term loans: |  |  |  |  |  |  |  |  |  |
2026 Unsecured Term Loan |  |  | 400,000 |  |  |  | 400,000 |  |  | one-month adjusted SOFR + 1.00% (b) |  | Feb. 2026
2027 Unsecured Term Loan |  |  | 200,000 |  |  |  | 200,000 |  |  | daily simple adjusted SOFR + 0.95% (c) |  | Aug. 2027
2029 Unsecured Term Loan |  |  | 300,000 |  |  |  | 300,000 |  |  | daily simple adjusted SOFR + 1.25% (c) |  | Aug. 2029
Total unsecured term loans |  |  | 900,000 |  |  |  | 900,000 |  |  |  |  |
Unamortized debt issuance costs, net |  |  | (3,113 | ) |  |  | (4,053 | ) |  |  |  |
Total unsecured term loans, net |  |  | 896,887 |  |  |  | 895,947 |  |  |  |  |
Senior unsecured notes: |  |  |  |  |  |  |  |  |  |
2027 Senior Unsecured Notes - Series A |  |  | 150,000 |  |  |  | 150,000 |  |  | 4.84% |  | Apr. 2027
2028 Senior Unsecured Notes - Series B |  |  | 225,000 |  |  |  | 225,000 |  |  | 5.09% |  | Jul. 2028
2030 Senior Unsecured Notes - Series C |  |  | 100,000 |  |  |  | 100,000 |  |  | 5.19% |  | Jul. 2030
2031 Senior Unsecured Public Notes |  |  | 375,000 |  |  |  | 375,000 |  |  | 2.60% |  | Sep. 2031
Total senior unsecured notes |  |  | 850,000 |  |  |  | 850,000 |  |  |  |  |
Unamortized debt issuance costs and original issuance discount, net |  |  | (4,125 | ) |  |  | (4,691 | ) |  |  |  |
Total senior unsecured notes, net |  |  | 845,875 |  |  |  | 845,309 |  |  |  |  |
Total unsecured debt, net |  | $ | 1,868,244 |  |  | $ | 1,831,690 |  |  |  |  |
(a) At September 30, 2024, a balance of $51.5 million was subject to daily simple SOFR, and at December 31, 2023 a balance of $15.0 million was subject to one-month SOFR. The remaining balance of $100.0 million Canadian Dollar (“CAD”) borrowings remeasured to $74.0 million United States Dollar (“USD”) and $75.4 million USD, at September 30, 2024 and December 31, 2023, respectively, and was subject to daily simple CORRA of 4.30% at September 30, 2024 and one-month CDOR, of 5.46% at December 31, 2023. (b) At September 30, 2024 and December 31, 2023, one-month SOFR was 4.85% and 5.35%, respectively. (c) At September 30, 2024, overnight SOFR was 4.96%. The applicable reference rate at December 31, 2023 was one-month SOFR, which was 5.35%. (d) The Company’s unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

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