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.