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Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Components of Notes Payable
The components of term debt are summarized as follows:
Term DebtDecember 31, 2022December 31, 2021Fixed Rate
Variable Rate (2)
Maturity Dates
Secured fixed-rate (1)
$521,820 $930,830 
2.55% - 4.50%
July 2023 - February 2030
Secured variable-rate (1)
772,604 392,679 
5.36% - 5.80%
August 2023 - September 2030
Unsecured fixed-rate4,240,376 3,575,000 
2.35% - 5.12%
February 2024 - March 2032
Unsecured variable-rate884,624 550,000 
5.41%
January 2025 - January 2028
Total6,419,424 5,448,509 
Less: Unamortized debt issuance costs(32,962)(25,762)
Total$6,386,462 $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 Information on Lines of Credit
At December 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
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 December 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 December 31, 2022
Revolving Lines of CreditAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Credit Line 1 (2)
$35,000 $140,000 5.7%7/1/2023
SOFR plus 1.35%
Credit Line 2 (3)(4)
910,000 1,250,000 5.3%6/20/2025
SOFR plus 0.95%
$945,000 $1,390,000 
(1) Term SOFR or Daily Simple SOFR
(2) Secured by mortgages on certain real estate assets. On January 13, 2023 the maturity date was extended to July 1, 2026 with one one-year extension available.
(3) Unsecured. Two six-month extensions available.
(4) Basis Rate as of December 31, 2022. 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, 2022:
2023$386,684 
2024425,000 
2025709,899 
2026808,960 
2027872,884 
Thereafter3,215,997 
$6,419,424