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DEBT OBLIGATIONS (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 and December 31, 2023 (in thousands):
| September 30, 2024 |  | December 31, 2023 |  | Effective Interest Rate |  | Maturity Date |
SECURED DEBT: |  |  |  |  |  |  |  |
$245.0M 5.88% Secured Term Loan due 2028 | $ | 245,000 |  |  | $ | 245,000 |  |  | 5.88% |  | February 2028 |
$50.0M Construction Loan due 2026 | 29,767 |  |  | 13,824 |  |  | SOFR + 2.50% |  | August 2026 |
Principal balance outstanding | 274,767 |  |  | 258,824 |  |  |  |  |  |
Less: deferred financing costs | (2,586) |  |  | (3,153) |  |  |  |  |  |
Total Secured indebtedness | $ | 272,181 |  |  | $ | 255,671 |  |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |  |
$600.0M Unsecured Credit Facility | $ | 40,000 |  |  | $ | — |  |  | SOFR + 1.50% |  | June 2027 | (a)
Term Loan - Swapped to fixed | 250,000 |  |  | 250,000 |  |  | SOFR + 1.70% | (b) | June 2027 | (a)
$70.0M Term Loan | 70,000 |  |  | 70,000 |  |  | SOFR + 2.00% |  | February 2025 | (a)
$350.0M 4.10% Guaranteed Notes due 2024 | — |  |  | 340,000 |  |  | 3.78% |  | October 2024 |
$450.0M 3.95% Guaranteed Notes due 2027 | 450,000 |  |  | 450,000 |  |  | 4.03% |  | November 2027 |
$350.0M 8.30% Guaranteed Notes due 2028 | 350,000 |  |  | 350,000 |  |  | 8.35% | (c) | March 2028 |
$350.0M 4.55% Guaranteed Notes due 2029 | 350,000 |  |  | 350,000 |  |  | 4.30% |  | October 2029 |
$400.0M 8.875% Guaranteed Notes due 2029 | 400,000 |  |  | — |  |  | 8.97% |  | April 2029 |
Indenture IA (Preferred Trust I) | 27,062 |  |  | 27,062 |  |  | SOFR + 1.51 | (d) | March 2035 |
Indenture IB (Preferred Trust I) | 25,774 |  |  | 25,774 |  |  | SOFR + 1.51 | (d) | April 2035 |
Indenture II (Preferred Trust II) | 25,774 |  |  | 25,774 |  |  | SOFR + 1.51 | (d) | July 2035 |
Note Payable | 13,000 |  |  | — |  |  | 4.66% |  | June 2027 |
Principal balance outstanding | 2,001,610 |  |  | 1,888,610 |  |  |  |  |  |
Plus: original issue premium (discount), net | $ | (663) |  |  | $ | 1,878 |  |  |  |  |  |
Less: deferred financing costs | (11,355) |  |  | (7,327) |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,989,592 |  |  | $ | 1,883,161 |  |  |  |  |  |
Total Debt Obligations | $ | 2,261,773 |  |  | $ | 2,138,832 |  |  |  |  |  |
(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. At September 30, 2024, the fixed rate for this instrument was 5.41% and matures on June 30, 2027. The effective date of the swap was January 31, 2023. (c)During the third quarter of 2023, Moody’s downgraded the Company's senior unsecured credit rating from Baa3 to Ba1. As a result of the downgrade, the interest rate on the Company's 7.55% Guaranteed Notes due 2028 (the "2028 Notes") increased 25 basis points in September 2023 due to the coupon adjustment provisions within the 2028 Notes. During the first quarter of 2024, S&P downgraded the Company's senior unsecured credit rating from BBB- to BB+. As a result of the downgrade, the interest rate on the 2028 Notes increased 25 basis points to 8.05% in March 2024 due to the coupon adjustment provisions within the 2028 Notes. During the second quarter of 2024, Moody's downgraded the Company's senior unsecured credit rating from Ba1 to Ba2. As a result of the downgrade, the interest rate on the 2028 Notes increased 25 basis points to 8.30% in April 2024 due to the coupon adjustment provisions within the 2028 Notes. (d)On January 16, 2024, the Trust Preferred I Indenture IA was swapped to a fixed rate at 5.14% for the period from March 30, 2024 to December 30, 2026 and Trust Preferred I Indenture IB and Trust Preferred II Indenture II were swapped to a fixed rate at 5.24% for the period from January 30, 2024 to January 30, 2027.
Schedule of Maturities of Long-term Debt | As of September 30, 2024, the aggregate scheduled principal payments on the Company’s consolidated debt obligations (secured and unsecured) were as follows (in thousands):
2024 (three months remaining) | $ | — |
2025 | 70,000 |
2026 | 29,767 |
2027 | 753,000 |
2028 | 595,000 |
Thereafter | 828,610 |
Total principal payments | 2,276,377 |
Net unamortized premiums/(discounts) | (663) |
Net deferred financing costs | (13,941) |
Outstanding indebtedness | $ | 2,261,773 |

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