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Indebtedness (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Additional Outstanding Debt | At December 31, 2023 and 2022, our outstanding indebtedness consisted of the following:
|  |  |  | Principal Balance as of December 31,
Floating Rate Debt |  | Maturity |  | 2023 |  | 2022
Credit facility (1) |  | N/A |  | $ | — |  |  | $ | 700,000 |
Total floating rate debt |  |  |  | $ | — |  |  | $ | 700,000 |
(1)In December 2023, we repaid the remaining principal balance of our then credit facility which had an original maturity date of January 2024 and terminated the agreement.
|  |  |  |  |  | December 31, 2023 |  | December 31, 2022
Senior Unsecured Notes (1) |  | Coupon |  | Maturity |  | Face Amount |  | Unamortized Discount |  | Face Amount |  | Unamortized Discount
Senior unsecured notes |  | 4.750 | % |  | May 2024 |  | $ | — |  |  | — |  |  | $ | 250,000 |  |  | 105 |
Senior unsecured notes (2) |  | 9.750 | % |  | June 2025 |  | 500,000 |  |  | — |  |  | 500,000 |  |  | — |
Senior unsecured notes |  | 4.750 | % |  | February 2028 |  | 500,000 |  |  | 3,483 |  |  | 500,000 |  |  | 4,325 |
Senior unsecured notes (2) |  | 4.375 | % |  | March 2031 |  | 500,000 |  |  | — |  |  | 500,000 |  |  | — |
Senior unsecured notes |  | 5.625 | % |  | August 2042 |  | 350,000 |  |  | — |  |  | 350,000 |  |  | — |
Senior unsecured notes |  | 6.250 | % |  | February 2046 |  | 250,000 |  |  | — |  |  | 250,000 |  |  | — |
Total senior unsecured notes |  |  |  |  |  | $ | 2,100,000 |  |  | $ | 3,483 |  |  | $ | 2,350,000 |  |  | $ | 4,430 |
(1)As of December 31, 2023 and 2022, the unamortized net debt issuance costs on certain of these notes were $23,899 and $27,870, respectively. (2)These notes are fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries, except for certain excluded subsidiaries. The notes and the guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the collateral securing such secured indebtedness, and are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.
Schedule of Secured and Other Debt |
|  | Principal Balance as of December 31, |  |  |  |  |  | Number of Properties as Collateral |  | Net Book Value of Collateral as of December 31,
Secured and Other Debt |  | 2023 (1) |  | 2022 (1) |  | Interest Rate |  | Maturity |  | At December 31, 2023 |  | 2023 |  | 2022
Mortgage note |  | $ | — |  |  | $ | 14,732 |  |  | 6.64 | % |  | June 2023 |  | 1 |  |  | $ | — |  |  | $ | 24,645 |
Senior secured notes (2)(3)(4) |  | 940,534 |  |  | — |  |  | 0.00 | % |  | January 2026 |  | 95 |  |  | 1,075,889 |  |  | — |
Mortgage note |  | 9,109 |  |  | 9,997 |  |  | 6.44 | % |  | July 2043 |  | 1 |  |  | 13,589 |  |  | 13,234 |
Finance Leases |  | 3,911 |  |  | 5,339 |  |  | 7.70 | % |  | April 2026 |  | 2 |  |  | 22,765 |  |  | 20,624 |
Total secured |  | $ | 953,554 |  |  | $ | 30,068 |  |  |  |  |  |  | 99 |  |  | $ | 1,112,243 |  |  | $ | 58,503 |
(1)The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. As of December 31, 2023 and 2022, the unamortized net premiums and debt issuance costs on certain of these mortgages were $0 and $(109), respectively. (2)These notes are fully and unconditionally guaranteed, on a joint, several and senior secured basis by certain of our subsidiaries that own 95 properties, or the Collateral Guarantors, and on a joint, several and unsecured basis, by all our subsidiaries other than the Collateral Guarantors, except for certain excluded subsidiaries, or the Non-Collateral Guarantors. These notes and the guarantees provided by the Collateral Guarantors are secured by a first priority lien and security interest on each of the collateral properties and 100% of the equity interests in each of the Collateral Guarantors. The guarantees provided by the Non-Collateral Guarantors are effectively subordinated to all of the subsidiary guarantors' secured indebtedness to the extent of the value of the collateral securing such secured indebtedness, and the notes and the guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes. (3)These notes require no cash interest to accrue prior to maturity and will accrete at a rate of 11.25% per annum compounded semiannually on January 15 and July 15 of each year, such that the accreted value will equal the principal amount at maturity. These notes have an unamortized discount balance of $187,813 and unamortized net debt issuance costs of $21,510 as of December 31, 2023, respectively. (4)We have a one-time option to extend the maturity date of these notes by one year, to January 15, 2027, subject to satisfaction of certain conditions and payment of an extension fee. If we exercise this option, interest payments will be due semiannually during the extension period at an initial interest rate of 11.25% with increases of 50 basis points every 90 days these notes remain outstanding.
Schedule of Required Principal Payments on Outstanding Debt | Required principal payments on our outstanding debt as of December 31, 2023, were as follows:
Year |  | Principal Payment |
2024 |  | $ | 1,811 |  |
2025 |  | 501,980 |  |
2026 |  | 941,422 |  |
2027 |  | 291 |  |
2028 |  | 500,310 |  |
Thereafter |  | 1,107,740 |  | (1)
(1) The carrying value of our total debt outstanding as of December 31, 2023, including unamortized debt issuance costs, premiums and discounts was $2,816,849.

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