Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Components of Debt

The components of term debt are summarized as follows:

Term Debt	June 30, 2022		December 31, 2021		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	868,912	$	930,830	2.27% - 4.50%		February 2023 - February 2030
Secured variable-rate (1)	424,328		392,679			2.60% - 3.29%	January 2023 - September 2030
Unsecured fixed-rate	3,930,376		3,575,000		2.35% - 4.39%		February 2024 - March 2032
Unsecured variable-rate	594,624		550,000			2.74%	February 2024 - October 2026
Total	5,818,240		5,448,509
Less: Unamortized debt issuance costs	(29,600)		(25,762)
Total	$	5,788,640	$	5,422,747
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rates include 30-day USD LIBOR, Term SOFR and Daily Simple SOFR.

Schedule of Maturities of Notes Payable

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at June 30, 2022:

2022	$	—
2023	484,444
2024	425,000
2025	611,939
2026	804,380
Thereafter	3,492,477
	$	5,818,240

Schedule of Information on Lines of Credit

At June 30, 2022, the terms of the Second Amended and Restated Credit Agreement dated June 22, 2021 (the "Credit Agreement") are as follows:

	Debt Capacity		Maturity 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 June 30, 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 June 30, 2022
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	71,000	$	140,000	2.9%	7/1/2023	SOFR plus 1.35%
Credit Line 2 (3)(4)	528,000		1,250,000		2.6%	6/20/2025	LIBOR plus 0.85%
	$	599,000	$	1,390,000
(1) 30-day USD LIBOR and Daily Simple SOFR
(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 June 30, 2022. Rate is subject to change based on the Company's investment grade rating.