Debt

9 Months Ended

Sep. 30, 2024

The Company had the following mortgages and notes payable outstanding as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
Mortgages and notes payable	$	56,876	$	60,888
Unamortized debt issuance costs	(629)		(764)
Mortgage notes payable, net	$	56,247	$	60,124

Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3%, at September 30, 2024 and December 31, 2023 and all mortgages and notes payable mature between 2028 and 2031 as of September 30, 2024. The weighted-average interest rate at September 30, 2024 and December 31, 2023 was approximately 4.0%.

The Company had the following senior notes outstanding as of September 30, 2024 and December 31, 2023:


Issue Date	September 30, 2024		December 31, 2023		Interest Rate		Maturity Date	Issue Price
May 2014(1)	$	—	$	198,932	4.400	%	June 2024	99.883	%
November 2023	300,000		300,000		6.750	%	November 2028	99.423	%
August 2020	400,000		400,000		2.700	%	September 2030	99.233	%
August 2021	400,000		400,000		2.375	%	October 2031	99.758	%
	1,100,000		1,298,932
Unamortized debt discount	(3,919)		(4,489)
Unamortized debt issuance costs	(7,228)		(8,298)
Senior notes payable, net	$	1,088,853	$	1,286,145

(1) The Company repaid the 4.40% Senior Notes due 2024 at maturity.

Each series of the senior notes is unsecured and require 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, 2024, are as follows:


	Maturity Date	Interest Rate
$600,000 Revolving Credit Facility(1)	July 2026	SOFR + 0.85%
$300,000 Term Loan(2)	January 2027	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, 2024, 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, until January 31, 2025. In the third quarter of 2024, the Company entered into forward interest rate swap agreements designated as cash flow hedges to effectively fix the interest rate related to an aggregate amount of $250,000 notional amount of $300,000 of the term loan at an average interest rate of 4.31% from January 31, 2025 to January 31, 2027. The aggregate unamortized debt issuance costs for the term loan was $2,449 and $3,236 as of September 30, 2024 and December 31, 2023, respectively.

The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at September 30, 2024.

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, 2024 was 7.217%. In the third quarter of 2024, the Company entered into forward interest rate swap agreements designated as cash flow hedges to effectively fix the interest rate related to an aggregate amount of $82,500 notional amount of the $129,120 Trust Preferred Securities resulting in an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of September 30, 2024 and December 31, 2023, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,252 and $1,326, respectively, of unamortized debt issuance costs.

The Company capitalized $3,290 and $8,447 of interest expense for the nine months ended September 30, 2024 and 2023, respectively.