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Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The following table reflects a summary of our outstanding indebtedness as of March 31, 2023 and December 31, 2022 (in thousands):
March 31, 2023December 31, 2022
Weighted Average Effective Interest Rate Carrying AmountWeighted Average Effective Interest RateCarrying Amount
Senior Unsecured Notes3.26%$1,762,925 3.27%$1,752,875 
Senior Unsecured Term Loans4.66%829,950 4.67%829,450 
Senior Unsecured Revolving Credit Facility5.66%610,500 5.12%500,052 
Total principal amount of indebtedness$3,203,375 $3,082,377 
Less: unamortized deferred financing costs
(12,434)(13,044)
Total indebtedness, net of deferred financing costs
$3,190,941 $3,069,333 
The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively lock-in the interest rates on certain variable rate debt under our Senior Unsecured Term Loans.
The following table provides the details of our Senior Unsecured Notes (balances in thousands):
March 31, 2023December 31, 2022
Stated Maturity DateContractual Interest RateBorrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
Series A Notes
01/20264.68%$200,000 $200,000 $200,000 $200,000 
Series B Notes
01/20294.86%$400,000 400,000 $400,000 400,000 
Series C Notes
01/20304.10%$350,000 350,000 $350,000 350,000 
Series D Notes01/20311.62%€400,000 433,560 €400,000 428,200 
Series E Notes01/20331.65%€350,000 379,365 €350,000 374,675 
Total Senior Unsecured Notes
$1,762,925 $1,752,875 
The following table provides the details of our Senior Unsecured Term Loans (balances in thousands):
March 31, 2023December 31, 2022
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
Tranche A-1
SOFR+ 0.94%
$375,000 $375,000 
SOFR + 0.95%
$375,000 $375,000 
Tranche A-2
CDOR+ 0.94%
C$250,000 184,950 
CDOR+0.95%
C$250,000 184,450 
Delayed Draw Tranche A-3
SOFR+0.94%
$270,000 270,000 
SOFR + 0.95%
$270,000 270,000 
Total Senior Unsecured Term Loan Facility
$829,950 $829,450 
(1) S = one-month Adjusted Term SOFR; C = one-month CDOR. Tranche A-1 and Tranche A-3 SOFR includes an adjustment of 0.10%, in addition to the margin. While the above reflects the contractual rate, refer to the description below of the Senior Unsecured Credit Facility for details of the portion of these Term Loans that are hedged, therefore, at a fixed interest rate for the duration of the respective swap agreement. Refer to Note 4 for details of the related interest rate swaps.
The following table provides the details of our Senior Unsecured Revolving Credit Facility (balances in thousands):
March 31, 2023December 31, 2022
Denomination of Draw
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
U.S. dollar
SOFR + 0.84%
$323,000 $323,000 
SOFR + 0.85%
$225,000 $225,000 
Australian dollar
BBSW + 0.84%
A$152,000 101,612 
BBSW+0.85%
A$146,000 99,470 
British pound sterling
SONIA + 0.84%
£78,000 96,229 
SONIA+0.85%
£76,500 92,435 
Canadian dollar
CDOR + 0.84%
C$45,000 33,291 
CDOR+0.85%
C$50,000 36,890 
Euro
EURIBOR +0.84%
€44,500 48,234 
EURIBOR+0.85%
€35,500 38,003 
New Zealand dollar
BKBM + 0.84%
NZD13,000 8,134 
BKBM+0.85%
NZD12,998 8,254 
Total Senior Unsecured Revolving Credit Facility
$610,500 $500,052 
(1) S = one-month Adjusted SOFR; C = one-month CDOR; E = Euro Interbank Offered Rate (EURIBOR); SONIA = Adjusted Sterling Overnight Interbank Average Rate; BBSW = Bank Bill Swap Rate; BKBM = Bank Bill Reference Rate. We have elected Daily SOFR for the entirety of our U.S. dollar denominated borrowings shown above, which includes an adjustment of 0.10%, in addition to the margin. Our British pound sterling borrowings bear interest tied to adjusted SONIA, which includes an adjustment of 0.03% in addition to our margin.