DEBT (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s secured debt consists of the following (dollars in thousands):

					As of September 30, 2023
Interest Rate Type	Principal Balance as of September 30, 2023 (1)		Principal Balance as of December 31, 2022 (1)		Weighted Average Interest Rate		Weighted Average Effective Interest Rate (2)		Maturity Date
Fixed Rate	$	48,643	$	50,123	2.85	%	3.34	%	May 2031 -  August 2051

(1)     Principal balance does not include deferred financing costs, net of $0.9 million as of each of September 30, 2023 and December 31, 2022.

(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
Title	Maturity Date	September 30, 2023 (1)		December 31, 2022 (1)
5.125% senior unsecured notes due 2026 (“2026 Notes”)	August 15, 2026	$	500,000	$	500,000
5.88% senior unsecured notes due 2027 (“2027 Notes”)	May 17, 2027	100,000		100,000
3.90% senior unsecured notes due 2029 (“2029 Notes”)	October 15, 2029	350,000		350,000
3.20% senior unsecured notes due 2031 (“2031 Notes”)	December 1, 2031	800,000		800,000
		$	1,750,000	$	1,750,000

(1)    Principal balance does not include discount, net of $4.1 million and deferred financing costs, net of $10.9 million as of September 30, 2023 and does not include discount, net of $3.5 million and deferred financing costs, net of $12.0 million as of December 31, 2022. In addition, the weighted average effective interest rate as of September 30, 2023 was 4.01%.

Schedule of Maturities for Outstanding Debt

The following is a schedule of maturities for the Company’s outstanding debt as of September 30, 2023 (in thousands): 

	Secured Indebtedness		Revolving Credit     Facility (1)		Term Loans		Senior Notes		Total
October 1 through December 31, 2023	$	499	$	—	$	—	$	—	$	499
2024	2,034		—		—		—		2,034
2025	2,089		—		—		—		2,089
2026	2,147		—		—		500,000		502,147
2027	2,206		32,623		—		100,000		134,829
Thereafter	39,668		—		540,460		1,150,000		1,730,128
Total Debt	48,643		32,623		540,460		1,750,000		2,371,726
Discount, net	—		—		—		(4,075)		(4,075)
Deferred financing costs, net	(854)		—		(6,449)		(10,870)		(18,173)
Total Debt, Net	$	47,789	$	32,623	$	534,011	$	1,735,055	$	2,349,478

(1)    Revolving Credit Facility is subject to two six-month extension options.