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Long Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
The following table summarizes the Company's outstanding indebtedness as of December 31, 2022 and 2021:
Principal Outstanding
Weighted Average Interest Rate (1)
(in thousands)Maturity DateDecember 31, 2022December 31, 2021December 31, 2022December 31, 2021
Unsecured term loans:
2024 Term LoanApril 2024$200,000 $200,000 5.3%1.3%
2027 Term LoanFebruary 2027430,000 430,000 5.3%1.6%
2028 Term Loan January 2028400,000 — 5.3%—%
Senior unsecured notesJuly 2031400,000 400,000 3.0%3.0%
Revolving Credit FacilityFebruary 2026— 144,000 —%1.3%
Total principal outstanding $1,430,000 $1,174,000 4.6%2.0%
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(1)Interest rates are presented as stated in debt agreements and do not reflect the impact of the Company's interest rate swap and lock agreements, where applicable (see Note 6—Derivative and Hedging Activities).
The following table presents information about the Revolving Credit Facility for the years ended December 31, 2022, 2021 and 2020:
(in thousands)202220212020
Balance on Balance on January 1,$144,000 $18,000 $46,000 
Borrowings299,000 393,000 87,000 
Repayments(443,000)(267,000)(115,000)
Balance on December 31,$— $144,000 $18,000 
The following table presents information about interest expense related to the Revolving Credit Facility for the periods presented:
Year ended December 31,
(in thousands)202220212020
Interest expense and fees$2,807 $1,552 $1,367 
Amortization of deferred financing costs1,217 1,165 1,165 
Total$4,024 $2,717 $2,532 
The following table presents information about aggregate interest expense related to the 2024 Term Loan, 2027 Term Loan and 2028 Term Loan:
Year ended December 31,
(in thousands)202220212020
Interest expense$23,967 $9,819 $11,685 
Amortization of deferred financing costs836 736 711 
Total$24,803 $10,555 $12,396 
The following is a summary of the senior unsecured notes outstanding as of December 31, 2022 and 2021:
(dollars in thousands)
Maturity Date
Interest Payment Dates
Stated Interest Rate
Principal Outstanding
2031 Notes
July 15, 2031January 15 and July 152.95 %$400,000 
The following table presents information about interest expense related to the Company's senior unsecured notes for the periods presented:
Year ended December 31,
(in thousands)
20222021
Interest expense$11,711 $5,952 
Amortization of deferred financing costs and original issue discount562 295 
Total$12,273 $6,247 
The following table presents information about interest expense related to the Master Trust Funding Program:
Year ended December 31,
(in thousands)202220212020
Interest expense$— $3,551 $7,619 
Amortization of deferred financing costs— 312 656 
Total$— $3,863 $8,275 
Summary of Scheduled Principal Payments The following table summarizes the scheduled principal payments on the Company’s outstanding indebtedness as of December 31, 2022:
(in thousands)2024 Tem Loan2027 Term Loan2028 Term LoanSenior Unsecured NotesRevolving Credit FacilityTotal
2023$— $— $— $— $— $— 
2024200,000 — — — — 200,000 
2025— — — — — — 
2026— — — — — — 
2027— 430,000 — — — 430,000 
Thereafter— — 400,000 400,000 — 800,000 
Total$200,000 $430,000 $400,000 $400,000 $— $1,430,000