Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Components of Debt

The components of term debt are summarized as follows:

Term Debt	September 30, 2022		December 31, 2021		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	526,722	$	930,830	2.46% - 4.50%		February 2023 - February 2030
Secured variable-rate (1)	774,375		392,679			4.04% - 4.48%	August 2023 - September 2030
Unsecured fixed-rate	3,840,376		3,575,000		2.35% - 4.39%		January 2025 - March 2032
Unsecured variable-rate	1,284,624		550,000			4.09% - 4.39%	February 2024 - July 2029
Total	6,426,097		5,448,509
Less: Unamortized debt issuance costs	(32,563)		(25,762)
Total	$	6,393,534	$	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 September 30, 2022:

2022	$	—
2023	391,725
2024	425,000
2025	711,202
2026	807,815
Thereafter	4,090,355
	$	6,426,097

Schedule of Information on Lines of Credit

As of September 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
Tranche 6 Term Loan Facility (1)	175,000		January 2028
Tranche 7 Term Loan Facility (1)	425,000		July 2029
	$	3,600,000

(1) The term loan amounts have been fully drawn as of September 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 September 30, 2022
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	15,000	$	140,000	4.3%	7/1/2023	SOFR plus 1.35%
Credit Line 2 (3)(4)	585,000		1,250,000		3.9%	6/20/2025	SOFR plus 0.95%
	$	600,000	$	1,390,000
(1) 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 September 30, 2022. Rate is subject to change based on the Company's investment grade rating.