Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Components of Debt

The components of term debt are summarized as follows:

Term Debt	June 30, 2023		December 31, 2022		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	404,336	$	521,820	2.67% - 4.56%		April 2025 - February 2030
Secured variable-rate (1)	883,052		772,604			6.14% - 6.59%	August 2023 - September 2030
Unsecured fixed-rate	5,136,633		4,240,376		2.35% - 5.70%		January 2025 - March 2032
Unsecured variable-rate	848,367		884,624			6.14% - 6.19%	January 2024 - January 2028
Total	7,272,388		6,419,424
Less: Unamortized debt issuance costs	(54,900)		(32,962)
Total	$	7,217,488	$	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, Adjusted Term SOFR and Adjusted 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, 2023:

2023	$	332,680
2024	335,000
2025	707,289
2026	809,508
2027	869,713
Thereafter	4,218,198
	$	7,272,388

Schedule of Information on Lines of Credit

As of June 30, 2023, the terms of the Credit Agreement are as follows:

	Debt Capacity		Maturity Date
Revolving Credit Facility	$	1,940,000	June 2027
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 (2)	—		February 2024
Tranche 6 Term Loan Facility (1)	175,000		January 2028
Tranche 7 Term Loan Facility (1)	425,000		July 2029
Tranche 8 Term Loan Facility (3)	$	1,000,000	June 2024
	$	4,865,000
(1) Term loan amounts have been fully drawn as of June 30, 2023.
(2) The Tranche 5 Term Loan was paid off prior to maturity as part of the June 2023 recast.
(3) The Tranche 8 Term Loan was undrawn as of June 30, 2023, but was fully drawn on July 20, 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 June 30, 2023
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	23,250	$	140,000	6.44%	7/1/2026	SOFR plus 1.35%
Credit Line 2 (3)(4)	252,000		1,940,000		6.04%	6/22/2027	ASOFR plus 0.95%
	$	275,250	$	2,080,000
(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. On June 22, 2023, the maturity was extended to June 22, 2027 with two six-month extensions available.
(4) Basis Rate as of June 30, 2023. Rate is subject to change based on our investment grade rating.