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Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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

Debt Instrument Redemption

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.

Schedule of Line of Credit Facilities

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.

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