DEBT FINANCING (Tables)

12 Months Ended

Dec. 31, 2024

The Company's outstanding debt as of December 31, 2024 and 2023 is summarized as follows (dollars in thousands):


		December 31,
	Interest Rate(1)	2024		2023
Credit Facility:
Revolving line of credit	4.32%	$	443,300	$	381,000
Term loan B	—%	—		275,000
Term loan C	—%	—		325,000
Term loan D	3.96%	275,000		275,000
Term loan E	4.89%	130,000		130,000
2028 Term loan facility	4.62%	75,000		75,000
April 2029 Term loan facility	4.27%	100,000		100,000
June 2029 Term loan facility	5.37%	285,000		285,000
May 2026 Senior Unsecured Notes	2.16%	35,000		35,000
October 2026 Senior Unsecured Notes	6.46%	65,000		65,000
July 2028 Senior Unsecured Notes	5.75%	120,000		120,000
September 2028 Senior Unsecured Notes	5.40%	75,000		—
October 2028 Senior Unsecured Notes	6.55%	100,000		100,000
2029 Senior Unsecured Notes	3.98%	100,000		100,000
August 2030 Senior Unsecured Notes	2.99%	150,000		150,000
October 2030 Senior Unsecured Notes	6.66%	35,000		35,000
November 2030 Senior Unsecured Notes	2.72%	75,000		75,000
May 2031 Senior Unsecured Notes	3.00%	90,000		90,000
August 2031 Senior Unsecured Notes	4.08%	50,000		50,000
September 2031 Senior Unsecured Notes	5.55%	125,000		—
November 2031 Senior Unsecured Notes	2.81%	175,000		175,000
August 2032 Senior Unsecured Notes	3.09%	100,000		100,000
November 2032 Senior Unsecured Notes	5.06%	200,000		200,000
May 2033 Senior Unsecured Notes	3.10%	55,000		55,000
October 2033 Senior Unsecured Notes	6.73%	50,000		50,000
November 2033 Senior Unsecured Notes	2.96%	125,000		125,000
2034 Senior Unsecured Notes	5.74%	150,000		—
2036 Senior Unsecured Notes	3.06%	75,000		75,000
Fixed rate mortgages payable	3.54%	200,793		222,757
Total principal		3,459,093		3,668,757
Unamortized debt issuance costs and debt premium, net		(10,006)		(10,552)
Total debt		$	3,449,087	$	3,658,205

(1)Represents the effective interest rate as of December 31, 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.

Schedule of future debt maturities

Based on existing debt agreements in effect as of December 31, 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 Payments		Premium Amortization and Unamortized Debt Issuance Costs		Total
2025	$	2,185	$	(2,566)	$	(381)
2026	377,322		(2,273)		375,049
2027	660,669		(1,657)		659,012
2028	460,624		(1,368)		459,256
2029	487,789		(648)		487,141
Thereafter	1,470,504		(1,494)		1,469,010
	$	3,459,093	$	(10,006)	$	3,449,087