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DEBT (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s secured debt consists of the following (dollars in thousands):
As of December 31, 2021
Interest Rate Type
Principal Balance as of
December 31, 2021 (1)
Principal Balance as of
December 31, 2020 (1)
Weighted Average Interest Rate
Weighted Average Effective Interest Rate (2)
Maturity Date
Fixed Rate$67,602 $80,199 3.04 %3.42 %April 2022 - 
August 2051
(1)    Principal balance does not include deferred financing costs, net of $0.9 million and $1.1 million as of December 31, 2021 and 2020, respectively.
(2)    Weighted average effective interest rate includes private mortgage insurance.
The Company’s senior unsecured notes consist of the following (dollars in thousands):
Principal Balance as of December 31,
TitleMaturity Date
2021 (1)
2020 (1)
4.80% senior unsecured notes due 2024
June 1, 2024$— $300,000 
5.125% senior unsecured notes due 2026
August 15, 2026500,000 500,000 
5.88% senior unsecured notes due 2027
May 17, 2027100,000 100,000 
3.90% senior unsecured notes due 2029
October 15, 2029350,000 350,000 
3.20% senior unsecured notes due 2031
December 1, 2031800,000 — 
$1,750,000 $1,250,000 
(1)    Principal balance does not include discount, net of $2.9 million and deferred financing costs, net of $13.6 million as of December 31, 2021 and does not include premium, net of $6.4 million and deferred financing costs, net of $8.0 million as of December 31, 2020. In addition, the weighted average effective interest rate as of December 31, 2021 was 4.01%.
Schedule of Maturities for Outstanding Debt
The following is a schedule of maturities for the Company’s outstanding debt as of December 31, 2021 (in thousands):
Secured
Indebtedness		Term LoansSenior NotesTotal
2022$17,479 $— $— $17,479 
20231,979 — — 1,979 
20242,034 598,438 — 600,472 
20252,089 — — 2,089 
20262,147 — 500,000 502,147 
Thereafter41,874 — 1,250,000 1,291,874 
Total Debt67,602 598,438 1,750,000 2,416,040 
Discount, net— — (2,882)(2,882)
Deferred financing costs, net(939)(4,192)(13,552)(18,683)
Total Debt, Net$66,663 $594,246 $1,733,566 $2,394,475