Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Senior Notes Issuances

The following table summarizes the Company’s senior unsecured notes issuances during the nine months ended September 30, 2023 (dollars in thousands):

Issue Date	Amount		Coupon Rate		Maturity Year
January 17, 2023	$	400,000	5.25	%	2032
May 10, 2023(1)	350,000		5.25	%	2032

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(1)In May 2023, the Company issued $350 million of 5.25% senior unsecured notes due 2032, which constituted an additional issuance of, and are treated as a single series with, the $400 million of senior unsecured notes due 2032 issued in January 2023.

Summary of Debt Maturities and Schedule Principal Repayments

The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2023 (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	$	—	$	—	$	—	$	—	—	%	$	86,161	3.79	%	$	86,161
2024	—		—		—		—		—	%	7,024		6.74	%	7,024
2025	—		—		—		800,000		3.92	%	3,209		3.82	%	803,209
2026	—		424,000		—		650,000		3.40	%	244,523		4.44	%	1,318,523
2027	—		—		500,000		450,000		1.54	%	366		5.91	%	950,366
Thereafter	—		—		—		3,550,000		3.92	%	—		—	%	3,550,000
	—		424,000		500,000		5,450,000				341,283				6,715,283
Premiums, (discounts), and debt issuance costs, net	—		—		(3,397)		(48,539)				1,066				(50,870)
	$	—	$	424,000	$	496,603	$	5,401,461			$	342,349			$	6,664,413

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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 3.66% and a weighted average maturity of 6 years.

(3)Effective interest rates on the mortgage debt range from 3.44% to 8.99% with a weighted average effective interest rate of 4.32% and a weighted average maturity of 2 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.