Debt (Tables)

12 Months Ended

Dec. 31, 2022

The following table summarizes the Company’s senior unsecured notes issuances, including the green bond offerings discussed above, for the periods presented (dollars in thousands):


Issue Date	Amount		Coupon Rate		Maturity Date
Year ended December 31, 2021:
November 24, 2021	$	500,000	2.13	%	2028
July 12, 2021	450,000		1.35	%	2027
Year ended December 31, 2020:
June 23, 2020	600,000		2.88	%	2031

In January 2023, the Company completed a senior unsecured note issuance as summarized in the following table (dollars in thousands):


Issue Date	Amount		Coupon Rate		Maturity Date
January 17, 2023	$	400,000	5.25	%	2032

Summary of Senior Unsecured Notes Payoffs

The following table summarizes the Company’s senior unsecured notes repurchases and redemptions for the periods presented (dollars in thousands):


Payoff Date	Amount		Coupon Rate		Maturity Date
Year ended December 31, 2021(1):
May 19, 2021	$	251,806	3.40	%	2025
May 19, 2021	298,194		4.00	%	2025
February 26, 2021	188,000		4.25	%	2023
February 26, 2021	149,000		4.20	%	2024
February 26, 2021	331,000		3.88	%	2024
January 28, 2021	112,000		4.25	%	2023
January 28, 2021	201,000		4.20	%	2024
January 28, 2021	469,000		3.88	%	2024
Year ended December 31, 2020(2):
July 9, 2020	300,000		3.15	%	2022
June 24, 2020	250,000		4.25	%	2023

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(1)As a result of the repurchases and redemptions of these senior unsecured notes, the Company recognized an aggregate $225 million loss on debt extinguishment during the year ended December 31, 2021.

(2)As a result of the repurchases and redemptions of these senior unsecured notes, the Company recognized an aggregate $44 million loss on debt extinguishment during the year ended December 31, 2020.

Summary of Stated Debt Maturities and Scheduled Principal Repayments

The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2022 (dollars in thousands):


							Senior Unsecured Notes(2)				Mortgage Debt(3)
Year	Bank Line of Credit		Commercial Paper(1)		Term Loans		Amount		Interest Rate		Amount		Interest Rate		Total
2023	$	—	$	—	$	—	$	—	—	%	$	90,089	3.80	%	$	90,089
2024	—		—		—		—		—	%	7,024		6.14	%	7,024
2025	—		—		—		800,000		3.92	%	3,209		3.82	%	803,209
2026	—		995,606		—		650,000		3.40	%	244,523		4.48	%	1,890,129
2027	—		—		500,000		450,000		1.54	%	366		5.91	%	950,366
Thereafter	—		—		—		2,800,000		3.50	%	—		—	%	2,800,000
	—		995,606		500,000		4,700,000				345,211				6,540,817
Premiums, (discounts), and debt issuance costs, net	—		—		(4,043)		(40,549)				1,388				(43,204)


	$	—	$	995,606	$	495,957	$	4,659,451			$	346,599			$	6,497,613

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(1)Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility.

(2)Effective interest rates on the senior unsecured notes range from 1.54% to 6.87% with a weighted average effective interest rate of 3.37% and a weighted average maturity of 6 years.

(3)Effective interest rates on the mortgage debt range from 3.44% to 7.93% with a weighted average effective interest rate of 4.33% and a weighted average maturity of 3 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.