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DEBT OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2022 and 2021 (in thousands):
| December 31, 2022 |  | December 31, 2021 |  | Effective Interest Rate |  | Maturity Date |
UNSECURED DEBT |  |  |  |  |  |  |  |
$600 million Unsecured Credit Facility | $ | 88,500 |  |  | $ | 23,000 |  |  | SOFR + 1.15% |  | June 2026 |
Unsecured Term Loan | 250,000 |  |  | 250,000 |  |  | SOFR + 1.30% |  | June 2027 | (a)
$350.0M 3.95% Guaranteed Notes due 2023 | 54,301 |  |  | 350,000 |  |  | 3.87% |  | February 2023 | (b)
$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 7.55% Guaranteed Notes due 2028 | 350,000 |  |  | — |  |  | 7.73% |  | March 2028 |
$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 | 1,971,411 |  |  | 1,851,610 |  |  |  |  |  |
Plus: original issue premium (discount), net | 2,934 |  |  | 8,187 |  |  |  |  |  |
Less: deferred financing costs | (9,307) |  |  | (6,211) |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,965,038 |  |  | $ | 1,853,586 |  |  |  |  |  |
(a)On November 23, 2022, the unsecured term loan of $250.0 million was swapped to a fixed rate of 5.01% and matures on June 30, 2027. The effective date of the swap is January 31, 2023. (b)Remaining balance was redeemed on January 20, 2023.
Schedule of Maturities of Long-term Debt | As of December 31, 2022, the aggregate principal payments of the unconsolidated real estate ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2023 | $ | 388,789 |
2024 | 593,907 |
2025 | 60,118 |
2026 | 161,965 |
2027 | — |
Thereafter | — |
Total principal payments | 1,204,779 |
Net deferred financing costs | (6,837) |
Net original issue premium | 271 |
Outstanding indebtedness | $ | 1,198,213 |
As of December 31, 2022, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):
2023 | $ | 54,301 |
2024 | 350,000 |
2025 | — |
2026 | 88,500 |
2027 | 700,000 |
Thereafter | 778,610 |
Total principal payments | 1,971,411 |
Net unamortized premiums/(discounts) | 2,934 |
Net deferred financing costs | (9,307) |
Outstanding indebtedness | $ | 1,965,038 |

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