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Debt | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
Debt | Debt The Company had the following mortgages and notes payable outstanding as of September 30, 2023 and December 31, 2022:
| September 30, 2023 |  | December 31, 2022
Mortgages and notes payable | $ | 64,226 |  |  | $ | 73,154 |
Unamortized debt issuance costs | (836) |  |  | (1,051) |
Mortgage notes payable, net | $ | 63,390 |  |  | $ | 72,103 |
Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3%, at September 30, 2023 and December 31, 2022, respectively, and all mortgages and notes payable mature between 2023 and 2031 as of September 30, 2023. The weighted-average interest rate at September 30, 2023 and December 31, 2022 was approximately 4.0%, respectively. The Company had the following senior notes outstanding as of September 30, 2023 and December 31, 2022:
Issue Date |  | September 30, 2023 |  | December 31, 2022 |  | Interest Rate |  | Maturity Date |  | Issue Price
August 2021 |  | $ | 400,000 |  |  | $ | 400,000 |  |  | 2.375 | % |  | October 2031 |  | 99.758 | %
August 2020 |  | 400,000 |  |  | 400,000 |  |  | 2.70 | % |  | September 2030 |  | 99.233 | %
May 2014 |  | 198,932 |  |  | 198,932 |  |  | 4.40 | % |  | June 2024 |  | 99.883 | %
|  | 998,932 |  |  | 998,932 |  |  |  |  |  |  |
Unamortized debt discount |  | (2,910) |  |  | (3,228) |  |  |  |  |  |  |
Unamortized debt issuance costs |  | (5,704) |  |  | (6,409) |  |  |  |  |  |  |
Senior notes payable, net |  | $ | 990,318 |  |  | $ | 989,295 |  |  |  |  |  |  |
Each series of the senior notes is unsecured and requires payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus any potential make-whole premium. The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of September 30, 2023, are as follows:
| Maturity Date |  | Interest Rate
$600,000 Revolving Credit Facility(1) | July 2026 |  | SOFR + 0.85%
$300,000 Term Loan(2) | January 2025 |  | Term SOFR + 1.00%
(1) Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate includes a 0.10% adjustment. The interest rate spread ranges from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At September 30, 2023, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum. The aggregate unamortized debt issuance costs for the term loan was $666 and $1,041 as of September 30, 2023 and December 31, 2022, respectively. The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at September 30, 2023. During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option and bear interest at a variable rate of three-month SOFR plus a 0.26% adjustment plus a spread of 170 basis points through maturity. The interest rate at September 30, 2023 was 7.331%. As of September 30, 2023 and December 31, 2022, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,351 and $1,426, respectively, of unamortized debt issuance costs. The variable rate transitioned from LIBOR to SOFR after June 30, 2023. The Company capitalized $8,447 and $4,927 of interest expense for the nine months ended September 30, 2023 and 2022, respectively.

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