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DEBT OBLIGATIONS (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Consolidated Debt Obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of September 30, 2022 and December 31, 2021 (in thousands):
| September 30, 2022 |  | December 31, 2021 |  | Effective Interest Rate |  | Maturity Date |
UNSECURED DEBT |  |  |  |  |  |  |  |
$600 million Unsecured Credit Facility | $ | 246,000 |  |  | $ | 23,000 |  |  | SOFR + 1.15% |  | June 2026 | (a)
Term Loan - Swapped to fixed | 250,000 |  |  | 250,000 |  |  | 2.87% |  | June 2027 | (b)
$350.0M 3.95% Guaranteed Notes due 2023 | 350,000 |  |  | 350,000 |  |  | 3.87% |  | February 2023 |
$350.0M 4.10% Guaranteed Notes due 2024 | 350,000 |  |  | 350,000 |  |  | 3.78% |  | October 2024 |
$450.0M 3.95% Guaranteed Notes due 2027 | 450,000 |  |  | 450,000 |  |  | 4.03% |  | November 2027 |
$350.0M 4.55% Guaranteed Notes due 2029 | 350,000 |  |  | 350,000 |  |  | 4.30% |  | October 2029 |
Indenture IA (Preferred Trust I) | 27,062 |  |  | 27,062 |  |  | LIBOR + 1.25% |  | March 2035 |
Indenture IB (Preferred Trust I) | 25,774 |  |  | 25,774 |  |  | LIBOR + 1.25% |  | April 2035 |
Indenture II (Preferred Trust II) | 25,774 |  |  | 25,774 |  |  | LIBOR + 1.25% |  | July 2035 |
Principal balance outstanding | 2,074,610 |  |  | 1,851,610 |  |  |  |  |  |
Plus: original issue premium (discount), net | 6,724 |  |  | 8,187 |  |  |  |  |  |
Less: deferred financing costs | (6,611) |  |  | (6,211) |  |  |  |  |  |
Total unsecured indebtedness | $ | 2,074,723 |  |  | $ | 1,853,586 |  |  |  |  |  |
(a)Spread includes a 10 basis point daily SOFR adjustment. (b)On June 30, 2022, the Company executed the 2022 Credit Agreement (as defined below), that provides for, among other things, the Term Loan (as defined below), which replaced the Company's $250.0 million term loan that had been scheduled to mature on October 22, 2022. As of September 30, 2022, based on the Operating Partnership's unsecured senior debt rating, the applicable margin for the Term Loan was 120.0 basis points, plus a daily SOFR adjustment of 10 basis points. Through a series of interest rate swaps, the $250.0 million principal amount of the Term Loan had a fixed interest rate of 2.87% until October 8, 2022.
Schedule of Maturities of Long-term Debt | As of September 30, 2022, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):
2022 (three months remaining) | $ | — |
2023 | 350,000 |
2024 | 350,000 |
2025 | — |
2026 | 246,000 |
Thereafter | 1,128,610 |
Total principal payments | 2,074,610 |
Net unamortized premiums/(discounts) | 6,724 |
Net deferred financing costs | (6,611) |
Outstanding indebtedness | $ | 2,074,723 |

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