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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Components of Notes Payable
The components of term debt are summarized as follows:
Term DebtDecember 31, 2021December 31, 2020Fixed Rate
Variable Rate (2)
Maturity Dates
Secured fixed-rate (1)
$930,830 $1,112,220 
2.46% - 4.23%
June 2022 - February 2030
Secured variable-rate (1)
392,679 1,081,551 
1.10% - 2.45%
April 2022 - May 2027
Unsecured fixed-rate3,575,000 2,525,000 
2.02% - 4.39%
February 2024 - March 2032
Unsecured variable-rate550,000 100,000 
1.05%
February 2024 - October 2026
Total5,448,509 4,818,771 
Less: Unamortized debt issuance costs(25,762)(21,468)
Total$5,422,747 $4,797,303 
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rate is 30-day USD LIBOR
Schedule of Information on Lines of Credit
At December 31, 2021, the terms of the Second Amended and Restated Credit Agreement dated June 22, 2021 (the "Credit Agreement") are as follows:
Debt CapacityMaturity Date
Revolving Credit Facility$1,250,000 June 2025
Tranche 1 Term Loan Facility (1)
400,000 January 2027
Tranche 2 Term Loan Facility (1)
425,000 October 2026
Tranche 3 Term Loan Facility (1)
245,000 January 2025
Tranche 4 Term Loan Facility (1)
255,000 June 2026
Tranche 5 Term Loan Facility (1)
425,000 February 2024
$3,000,000 
(1) The term loan amounts have been fully drawn as of December 31, 2021.
The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated:
As of December 31, 2021
Revolving Lines of CreditAmount Drawn Capacity Interest Rate Maturity
Basis Rate (1)
Credit Line 1 (2)
$55,000 $140,000 1.6%7/1/2023
LIBOR plus 1.45%
Credit Line 2 (3)(4)
480,000 1,250,000 1.0%6/20/2025
LIBOR plus 0.85%
$535,000 $1,390,000 
(1) 30-day USD LIBOR
(2) Secured by mortgages on certain real estate assets. One two-year extension available.
(3) Unsecured. Two six-month extensions available.
(4) Basis Rate as of December 31, 2021. Rate is subject to change based on our investment grade rating.
Schedule of Maturities of Notes Payable The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2021:
2022$311,412 
2023486,688 
2024496,407 
2025447,266 
2026802,104 
Thereafter2,904,632 
$5,448,509