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Debt (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Components of Debt
The components of term debt are summarized as follows:
Term DebtMarch 31, 2022December 31, 2021Fixed Rate
Variable Rate (2)
Maturity Dates
Secured fixed-rate (1)
$929,980 $930,830 
2.46% - 4.50%
October 2022 - February 2030
Secured variable-rate (1)
368,038 392,679 
1.29% - 1.95%
October 2022 - September 2030
Unsecured fixed-rate3,930,376 3,575,000 
1.40% - 4.39%
February 2024 - March 2032
Unsecured variable-rate594,624 550,000 1.40%February 2024 - October 2026
Total5,823,018 5,448,509 
Less: Unamortized debt issuance costs(30,352)(25,762)
Total$5,792,666 $5,422,747 
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rate is 30-day USD LIBOR, 30-day SOFR look-forward and SOFR.
Schedule of Information on Lines of Credit
At March 31, 2022, 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 March 31, 2022.
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 March 31, 2022
Revolving Lines of CreditAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Credit Line 1 (2)
$— $140,000 1.9%7/1/2023
LIBOR plus 1.45%
Credit Line 2 (3)(4)
220,000 1,250,000 1.3%6/20/2025
LIBOR plus 0.85%
$220,000 $1,390,000 
(1) 30-day USD LIBOR
(2) Secured by mortgages on certain real estate assets. No remaining extensions available.
(3) Unsecured. Two six-month extensions available.
(4) Basis Rate as of March 31, 2022. Rate is subject to change based on the Company's investment grade rating.
Schedule of Maturities of Notes Payable The following table summarizes the scheduled maturities of term debt, excluding available extensions, at March 31, 2022:
2022$232,486 
2023467,316 
2024425,000 
2025399,531 
2026803,537 
Thereafter3,495,148 
$5,823,018