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DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s secured debt consists of the following (dollars in thousands):
Principal Balance as of December 31, (1)
As of December 31, 2023
Weighted Average Interest Rate
Weighted Average Effective Interest Rate (2)
Interest Rate Type
2023
2022
Maturity Date
Fixed Rate$48,143 $50,123 2.85 %3.34 %May 2031 - 
August 2051
(1)    Principal balance does not include deferred financing costs, net of $0.8 million and $0.9 million as of December 31, 2023 and 2022, 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, (1)
TitleMaturity Date
2023
2022
5.125% senior unsecured notes due 2026
August 15, 2026$500,000 $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, 2031800,000 800,000 
$1,750,000 $1,750,000 
(1)    Principal balance does not include discount, net of $4.3 million and deferred financing costs, net of $10.5 million as of December 31, 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 December 31, 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 December 31, 2023 (in thousands):
Secured
Indebtedness
Revolving
Credit Facility (1)
Term LoansSenior NotesTotal
2024$2,033 $— $— $— $2,033 
20252,089 — — — 2,089 
20262,147 — — 500,000 502,147 
20272,206 94,429 — 100,000 196,635 
20282,266 — 543,190 — 545,456 
Thereafter37,402 — — 1,150,000 1,187,402 
Total Debt48,143 94,429 543,190 1,750,000 2,435,762 
Discount, net— — — (4,258)(4,258)
Deferred financing costs, net(842)— (6,070)(10,489)(17,401)
Total Debt, Net$47,301 $94,429 $537,120 $1,735,253 $2,414,103 
(1)    Revolving Credit Facility is subject to two six-month extension options.