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DEBT OBLIGATIONS (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023 and December 31, 2022 (in thousands):
| September 30, 2023 |  | December 31, 2022 |  | Effective Interest Rate |  | Maturity Date |
SECURED DEBT: |  |  |  |  |  |  |  |
$245.0M 5.88% Secured Term Loan due 2028 | $ | 245,000 |  |  | — |  |  | 5.88% |  | February 2028 |
$50.0M Construction Loan due 2026 | — |  |  | — |  |  | SOFR + 2.50% |  | August 2026 |
Principal balance outstanding | 245,000 |  |  | — |  |  |  |  |  |
Less: deferred financing costs | (3,346) |  |  | — |  |  |  |  |  |
Total Secured indebtedness | $ | 241,654 |  |  | $ | — |  |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |  |
$600 million Unsecured Credit Facility | $ | — |  |  | $ | 88,500 |  |  | SOFR + 1.15% |  | June 2026 | (a)
Term Loan - Swapped to fixed | 250,000 |  |  | 250,000 |  |  | SOFR + 1.30% |  | June 2027 | (b)
$70.0 million Term Loan | 70,000 |  |  | — |  |  | SOFR + 1.85% |  | February 2024 | (a)(c)
$350.0M 3.95% Guaranteed Notes due 2023 | — |  |  | 54,301 |  |  | 3.87% |  | February 2023 | (d)
$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 |  |  | 350,000 |  |  | 7.73% | (f) | 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 |  |  | SOFR + 1.51 | (e) | March 2035 |
Indenture IB (Preferred Trust I) | 25,774 |  |  | 25,774 |  |  | SOFR + 1.51 | (e) | April 2035 |
Indenture II (Preferred Trust II) | 25,774 |  |  | 25,774 |  |  | SOFR + 1.51 | (e) | July 2035 |
Principal balance outstanding | 1,898,610 |  |  | 1,971,411 |  |  |  |  |  |
Plus: original issue premium (discount), net | 2,159 |  |  | 2,934 |  |  |  |  |  |
Less: deferred financing costs | (7,963) |  |  | (9,307) |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,892,806 |  |  | $ | 1,965,038 |  |  |  |  |  |
Total Debt Obligations | $ | 2,134,460 |  |  | $ | 1,965,038 |  |  |  |  |  |
(a)Spread includes a 10 basis point daily SOFR adjustment. (b)On November 23, 2022, the $250.0 million unsecured term loan was swapped to a fixed rate of 5.01% and matures on June 30, 2027. The effective date of the swap was January 31, 2023. (c)The maturity date of the $70.0 million unsecured term loan is subject to a 12 month optional extension upon customary terms and conditions. (d)On January 20, 2023, the Company redeemed in full its then outstanding 3.95% Guaranteed Notes due 2023 (the “2023 Notes”). The aggregate redemption price of the 2023 Notes was approximately $55.2 million (approximately $54.3 million in principal and approximately $0.92 million of accrued and unpaid interest). (e)On July 1, 2023, the stated rate of interest was replaced with 3-month CME Term SOFR + 1.51%. The rate will be in effect as the existing 3-month LIBOR interest periods expire over the next three months. (f)During the third quarter of 2023, Moody’s downgraded our senior unsecured credit rating from Baa3 to Ba1. As a result of the downgrade, the interest rate on our 7.55% note due 2028 increased 25 basis points in September 2023 due to the coupon adjustment provisions within the note.
Schedule of Maturities of Long-term Debt | As of September 30, 2023, the aggregate scheduled principal payments on the Company’s consolidated debt obligations (secured and unsecured) were as follows (in thousands):
2023 (three months remaining) | $ | — |
2024 | 350,000 |
2025 | 70,000 |
2026 | — |
2027 | 700,000 |
Thereafter | 1,023,610 |
Total principal payments | 2,143,610 |
Net unamortized premiums/(discounts) | 2,159 |
Net deferred financing costs | (11,309) |
Outstanding indebtedness | $ | 2,134,460 |

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