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Revolving Credit Facility and Commercial Paper Programs
 3 Months Ended
Mar. 31, 2025
Debt  
Debt Mortgages Payable
During the three months ended March 31, 2025, we made $39.5 million in principal payments, including the full repayment of one mortgage for $39.0 million. No mortgages were assumed during the three months ended March 31, 2025.
Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At March 31, 2025, we were in compliance with these covenants.
The following table summarizes our mortgages payable as of March 31, 2025 and December 31, 2024 (dollars in millions):

As Of
Number of
Properties (1)
Weighted
Average
Stated
Interest
Rate
Weighted
Average
Effective
Interest
Rate
Weighted
Average
Remaining
Years Until
Maturity		Remaining
Principal
Balance
Unamortized
Discount
and Deferred
Financing Costs
Balance, net
Mortgages
Payable
Balance
March 31, 2025164.8 %5.9 %2.4$43.0 $(0.4)$42.6 
December 31, 2024174.0 %4.5 %1.4$81.3 $(0.5)$80.8 
(1)At March 31, 2025, there were 10 mortgages on 16 properties and at December 31, 2024, there were 11 mortgages on 17 properties. The mortgages require monthly payments with principal payments due at maturity. At March 31, 2025 and December 31, 2024, all mortgages were at fixed interest rates.
The following table summarizes the maturity of mortgages payable as of March 31, 2025, excluding $0.4 million related to unamortized net discounts and deferred financing costs (dollars in millions):
Year of Maturity
Principal
2025$5.1
202612.0
202722.3
20281.3
20291.3
Thereafter1.0
Total
$43.0
Revolving Credit Facility and Commercial Paper Programs  
Debt  
Debt Revolving Credit Facility and Commercial Paper Programs
A.    Revolving Credit Facility
As of March 31, 2025, we have a $4.25 billion unsecured revolving multi-currency revolving credit facility that matures in June 2026, includes two six-month extensions that can be exercised at our option, and allows us to borrow in up to 14 currencies, including USD. Our revolving credit facility also has a $1.0 billion expansion option, which is subject to obtaining lender commitments. Under our revolving credit facility, our investment grade credit ratings at March 31, 2025 provide for USD borrowings at Secured Overnight Financing Rate ("SOFR"), plus 0.725% with a SOFR adjustment charge of 0.10% and a revolving credit facility fee of 0.125%, for all-in pricing of 0.95% over SOFR, for British Pound Sterling ("GBP") borrowings, at the SONIA, plus 0.725% with a SONIA adjustment charge of 0.0326% and a revolving credit facility fee of 0.125%, for all-in pricing of 0.8826% over SONIA, and Euro ("EUR") borrowings at one-month Euro Interbank Offered Rate (“EURIBOR”), plus 0.725%, and a revolving credit facility fee of 0.125%, for all-in pricing of 0.85% over one-month EURIBOR.
As of March 31, 2025, we had a borrowing capacity of $2.96 billion available on our revolving credit facility (subject to customary conditions to borrowing) and an outstanding balance of $1.3 billion, including £577.0 million GBP and €501.0 million EUR borrowings, as compared to an outstanding balance at December 31, 2024 of $1.1 billion, including £376.0 million GBP and €572.0 million EUR borrowings.
The weighted average interest rate on outstanding borrowings under our revolving credit facility was 4.5% and 6.2% during the three months ended March 31, 2025 and 2024, respectively. At March 31, 2025, our weighted average interest rate on borrowings outstanding under our revolving credit facility was 4.3%. Our revolving credit facility is subject to various leverage and interest coverage ratio limitations, and at March 31, 2025, we were in compliance with the covenants under our revolving credit facility.
As of March 31, 2025, credit facility origination costs of $6.1 million are included in 'Other assets, net', as compared to $7.3 million at December 31, 2024, on our consolidated balance sheets. These costs are being amortized over the remaining term of our revolving credit facility.
B.    Commercial Paper Programs
We have a USD-denominated unsecured commercial paper program, under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $1.5 billion, as well as a EUR-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent). Our EUR-denominated unsecured commercial paper program may be issued in USD or various foreign currencies, including but not limited to, EUR, GBP, Swiss Francs, Yen, Canadian Dollars, and Australian Dollars, in each case, pursuant to customary terms in the European commercial paper market.
The commercial paper ranks pari passu in right of payment with all of our other unsecured senior indebtedness outstanding, exclusive of unexchanged bonds from our merger with VEREIT, Inc. in 2021 and unexchanged Spirit bonds, including borrowings under our revolving credit facility, our term loans and our outstanding senior unsecured notes (and is structurally subordinated to all our subsidiary debt). Proceeds from commercial paper borrowings are used for general corporate purposes.
As of March 31, 2025, the balance of borrowings outstanding under our commercial paper programs was $413.4 million, including €382.0 million of EUR borrowings, as compared to $67.3 million outstanding commercial paper borrowings, including €65.0 million of EUR borrowings, at December 31, 2024. The weighted average interest rate on outstanding borrowings under our commercial paper programs was 3.3% and 4.5% for the three months ended March 31, 2025 and 2024, respectively. We use our revolving credit facility as a liquidity backstop for the repayment of the notes issued under the commercial paper programs. The commercial paper borrowings generally carry a term of less than a year.
We regularly review our revolving credit facility and commercial paper programs and may seek to extend, renew, or replace our revolving credit facility and commercial paper programs, to the extent we deem appropriate.