UNSECURED AND SECURED DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

	December 31,
	2022		2021
	(In thousands)
Unsecured bank credit facilities - variable rate, carrying amount	$	170,000	209,210
Unamortized debt issuance costs	(1,546)		(2,144)
Unsecured bank credit facilities, net of debt issuance costs	168,454		207,066
Unsecured debt - fixed rate, carrying amount (1)	1,695,000		1,245,000
Unamortized debt issuance costs	(3,741)		(2,430)
Unsecured debt, net of debt issuance costs	1,691,259		1,242,570
Secured debt - fixed rate, carrying amount (1)	2,041		2,156
Unamortized debt issuance costs	(10)		(14)
Secured debt, net of debt issuance costs	2,031		2,142
Total debt, net of debt issuance costs	$	1,861,744	1,451,778

(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.

Schedule of unsecured debt

A summary of the carrying amount of Unsecured debt follows:

				Balance at December 31,
	Margin	Interest Rate	Maturity Date	2022		2021
				(In thousands)
$75 Million Unsecured Term Loan (1)	1.40%	3.03%	02/28/2022	$	—	75,000
$65 Million Unsecured Term Loan (1)	1.10%	2.31%	04/01/2023	65,000		65,000
$70 Million Senior Unsecured Notes:
$50 Million Notes	Not applicable	3.80%	08/28/2023	50,000		50,000
$20 Million Notes	Not applicable	3.80%	08/28/2025	20,000		20,000
$60 Million Senior Unsecured Notes	Not applicable	3.46%	12/13/2024	60,000		60,000
$100 Million Senior Unsecured Notes:
$60 Million Notes	Not applicable	3.48%	12/15/2024	60,000		60,000
$40 Million Notes	Not applicable	3.75%	12/15/2026	40,000		40,000
$25 Million Senior Unsecured Notes	Not applicable	3.97%	10/01/2025	25,000		25,000
$50 Million Senior Unsecured Notes	Not applicable	3.99%	10/07/2025	50,000		50,000
$60 Million Senior Unsecured Notes	Not applicable	3.93%	04/10/2028	60,000		60,000
$80 Million Senior Unsecured Notes	Not applicable	4.27%	03/28/2029	80,000		80,000
$35 Million Senior Unsecured Notes	Not applicable	3.54%	08/15/2031	35,000		35,000
$75 Million Senior Unsecured Notes	Not applicable	3.47%	08/19/2029	75,000		75,000
$100 Million Unsecured Term Loan (2) (3)	0.95%	2.10%	10/10/2026	100,000		100,000
$100 Million Unsecured Term Loan (2) (4)	0.95%	1.80%	03/25/2027	100,000		100,000
$100 Million Senior Unsecured Notes	Not applicable	2.61%	10/14/2030	100,000		100,000
$75 Million Senior Unsecured Notes	Not applicable	2.71%	10/14/2032	75,000		75,000
$50 Million Unsecured Term Loan (2) (5)	1.10%	1.58%	03/18/2025	50,000		50,000
$125 Million Senior Unsecured Notes	Not applicable	2.74%	06/10/2031	125,000		125,000
$100 Million Unsecured Term Loan (2)	1.40%	3.06%	09/29/2028	100,000		—
$150 Million Senior Unsecured Notes	Not applicable	3.03%	04/20/2032	150,000		—
$125 Million Unsecured Term Loans (2):
$50 Million Loan	0.95%	4.09%	08/30/2024	50,000		—
$75 Million Loan	0.95%	4.00%	08/31/2027	75,000		—
$150 Million Senior Unsecured Notes:
$75 Million Notes	Not applicable	4.90%	10/12/2033	75,000		—
$75 Million Notes	Not applicable	4.95%	10/12/2034	75,000		—
				$	1,695,000	1,245,000

(1)The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2022.

(2)The interest rates on these unsecured term loans are comprised of Term Secured Overnight Financing Rate (“SOFR”) plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term SOFR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2022.

(3)This term loan was refinanced effective October 10, 2021. The margin above LIBOR was reduced by 65 basis points, changing the effectively fixed rate from 2.75% to 2.10%. Also, effective August 31, 2022, the loan was amended to replace LIBOR with Term SOFR.

(4)This term loan was amended and refinanced effective March 25, 2022. The margin was reduced by approximately 60 basis points, changing the effectively fixed rate from 2.39% to 1.80%, and LIBOR was replaced with Term SOFR.

(5)This term loan was amended effective December 19, 2022 to replace LIBOR with Term SOFR.

Schedule of secured debt

A summary of the carrying amount of Secured debt follows: 

	Interest Rate	Monthly Principal & Interest Payment		Maturity Date	Carrying Amount of Securing Real Estate at December 31, 2022		Balance at December 31,
Property							2022	2021
					(In thousands)
Ramona Distribution Center	3.85%	$	16,287	11/30/2026	$	8,333	2,041	2,156

Principal payments due during the next five years

Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs and Secured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2022 are as follows: 

Years Ending December 31,	(In thousands)
2023	$	115,119
2024	170,122
2025	145,128
2026	141,672
2027	175,000