Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Components of Debt

The components of term debt are summarized as follows:

Term Debt	March 31, 2023		December 31, 2022		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	520,764	$	521,820	2.56% - 4.56%		April 2025 - February 2030
Secured variable-rate (1)	791,703		772,604			5.80% - 6.37%	August 2023 - September 2030
Unsecured fixed-rate	4,686,633		4,240,376		2.35% - 5.70%		February 2024 - March 2032
Unsecured variable-rate	1,273,367		884,624			5.85% - 5.85%	January 2024 - January 2028
Total	7,272,467		6,419,424
Less: Unamortized debt issuance costs	(35,169)		(32,962)
Total	$	7,237,298	$	6,386,462
(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 March 31, 2023:

2023	$	354,175
2024	760,000
2025	708,595
2026	809,427
2027	871,079
Thereafter	3,769,191
	$	7,272,467

Schedule of Information on Lines of Credit

As of March 31, 2023, 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 March 31, 2023.

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, 2023
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	24,500	$	140,000	6.22%	7/1/2026	SOFR plus 1.35%
Credit Line 2 (3)(4)	70,000		1,250,000		5.82%	6/20/2025	SOFR plus 0.95%
	$	94,500	$	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 extension of one year available.
(3) Unsecured with two six-month extensions available.
(4) Basis Rate as of March 31, 2023. Rate is subject to change based on our investment grade rating.