Borrowings

3 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Notes, Loans and Finance Leases Payable, net

. Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:

	Fiscal Year 2025 Interest Rates						Maturities				Weighted Avg Interest Rates (c)			June 30, 2024			March 31, 2024
														(Unaudited)
														(In thousands)
Real estate loans (amortizing term) (a)		4.30	%	-	6.80	%	2027		-	2037		5.89	%	$	274,797		$	277,767
Senior mortgages		2.70	%	-	6.05	%	2026		-	2042		4.16	%		2,222,442			2,284,853
Real estate loans (revolving credit)		—	%	-	—	%		—	-	2027	-		%		—			—
Fleet loans (amortizing term)		1.61	%	-	5.68	%	2024		-	2029		3.89	%		59,744			70,454
Fleet loans (revolving credit) (b)		6.57	%	-	6.68	%	2027		-	2029		6.62	%		585,000			573,889
Finance leases (rental equipment)		2.86	%	-	5.01	%	2024		-	2026		4.16	%		98,382			117,641
Finance liability (rental equipment)		1.60	%	-	6.80	%	2024		-	2031		4.88	%		1,801,109			1,708,619
Private placements		2.43	%	-	2.88	%	2029		-	2035		2.65	%		1,200,000			1,200,000
Other obligations		1.50	%	-	8.00	%	2024		-	2049		6.26	%		70,202			70,815
Notes, loans and finance leases payable															6,311,676			6,304,038
Less: Debt issuance costs															(31,371	)		(32,676	)
Total notes, loans and finance leases payable, net														$	6,280,305		$	6,271,362
(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) A loan has an interest rate swap fixing the rate for $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 6.51% using the swap adjusted interest rate.
(c) Weighted average rates as of June 30, 2024.

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

	Quarter ended June 30,
	2024			2023
	(Unaudited)
	(In thousands)
Interest expense	$	71,147		$	64,400
Capitalized interest		(4,013	)		(4,063	)
Amortization of transaction costs		1,509			1,411
Interest expense resulting from cash flow hedges		(1,425	)		(1,150	)
Total interest expense	$	67,218		$	60,598

Interest paid in cash was $62.8 million and $55.4 million for the first quarter of fiscal 2025 and 2024, respectively. Interest paid (received) in cash on derivative contracts was ($1.5) million and ($1.0) million for the first quarter of fiscal 2025 and 2024, respectively.

Interest Rates

Interest rates and Company borrowings related to our revolving credit facilities were as follows:

	Revolving Credit Activity
	Quarter ended June 30,
		2024			2023
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		6.63	%		6.26	%
Interest rate at the end of the quarter		6.61	%		6.41	%
Maximum amount outstanding during the quarter	$	735,000		$	715,000
Average amount outstanding during the quarter	$	665,861		$	660,330
Facility fees	$	263		$	265