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DEBT FINANCING
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
DEBT FINANCING DEBT FINANCING
The Company's outstanding debt as of September 30, 2024 and December 31, 2023 is summarized as follows (dollars in thousands):
Interest Rate(1)
September 30, 2024December 31, 2023
Credit Facility:
Revolving line of credit4.43 %$406,800 $381,000 
Term loan B— %— 275,000 
Term loan C— %— 325,000 
Term loan D3.96 %275,000 275,000 
Term loan E4.91 %130,000 130,000 
2028 Term loan facility4.62 %75,000 75,000 
April 2029 Term loan facility4.27 %100,000 100,000 
June 2029 Term loan facility5.37 %285,000 285,000 
May 2026 Senior Unsecured Notes2.16 %35,000 35,000 
October 2026 Senior Unsecured Notes6.46 %65,000 65,000 
July 2028 Senior Unsecured Notes5.75 %120,000 120,000 
September 2028 Senior Unsecured Notes5.40 %75,000 — 
October 2028 Senior Unsecured Notes6.55 %100,000 100,000 
2029 Senior Unsecured Notes3.98 %100,000 100,000 
August 2030 Senior Unsecured Notes2.99 %150,000 150,000 
October 2030 Senior Unsecured Notes6.66 %35,000 35,000 
November 2030 Senior Unsecured Notes2.72 %75,000 75,000 
May 2031 Senior Unsecured Notes3.00 %90,000 90,000 
August 2031 Senior Unsecured Notes4.08 %50,000 50,000 
September 2031 Senior Unsecured Notes5.55 %125,000 — 
November 2031 Senior Unsecured Notes2.81 %175,000 175,000 
August 2032 Senior Unsecured Notes3.09 %100,000 100,000 
November 2032 Senior Unsecured Notes5.06 %200,000 200,000 
May 2033 Senior Unsecured Notes3.10 %55,000 55,000 
October 2033 Senior Unsecured Notes6.73 %50,000 50,000 
November 2033 Senior Unsecured Notes2.96 %125,000 125,000 
2034 Senior Unsecured Notes5.74 %150,000 — 
2036 Senior Unsecured Notes3.06 %75,000 75,000 
Fixed rate mortgages payable3.60 %217,147 222,757 
Total principal3,438,947 3,668,757 
Unamortized debt issuance costs and debt premium, net
(10,643)(10,552)
Total debt$3,428,304 $3,658,205 
(1)Represents the effective interest rate as of September 30, 2024. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings.
As of September 30, 2024, the Company's unsecured credit facility provided for total borrowing capacity of $1.355 billion (the "credit facility") consisting of the following components: (i) a revolving line of credit (the "Revolver") which provides for a total borrowing commitment up to $950.0 million, under which the Company may borrow, repay and re-borrow amounts, (ii) a $275.0 million tranche D term loan facility (the "Term Loan D") and (iii) a $130.0 million tranche E term loan facility (the "Term Loan E"). During the three months ended September 30, 2024, the Company repaid the remaining $145.0 million of the tranche B term loan facility (the "Term Loan B") and the $325.0 million tranche C term loan facility (the "Term Loan C"). As of September 30, 2024, the Company had an expansion option under the credit facility, which, if exercised in full, would provide for a total credit facility of $1.900 billion. As of September 30, 2024, $225.0 million of the Revolver is subject to interest rate swaps that mature in February 2025, which is reflected in the effective interest rate of 4.43%.
As of September 30, 2024, the Company had outstanding letters of credit totaling $6.5 million and would have had the capacity to borrow remaining Revolver commitments of $536.7 million while remaining in compliance with the credit facility's financial covenants. At September 30, 2024, the Company was in compliance with all such covenants.
September 2028, September 2031 And 2034 Senior Unsecured Notes
On September 5, 2024, the operating partnership issued $75.0 million of 5.40% senior unsecured notes due September 5, 2028 (the "September 2028 Notes"), $125.0 million of 5.55% senior unsecured notes due September 5, 2031 (the "September 2031 Notes"), and $150.0 million of 5.74% senior unsecured notes due September 5, 2034 (the "2034 Notes") in a private placement to certain institutional investors.
Future Debt Obligations
Based on existing debt agreements in effect as of September 30, 2024, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (dollars in thousands):
Year Ending December 31,Scheduled Principal and Maturity PaymentsAmortization of Premium and Unamortized Debt Issuance CostsTotal
Remainder of 2024$16,353 $(644)$15,709 
20252,185 (2,565)(380)
2026377,322 (2,272)375,050 
2027624,169 (1,656)622,513 
2028460,624 (1,367)459,257 
2029487,789 (647)487,142 
Thereafter1,470,505 (1,492)1,469,013 
$3,438,947 $(10,643)$3,428,304