Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company had the following mortgages and notes payable outstanding as of June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023
Mortgages and notes payable	$	58,225	$	60,888
Unamortized debt issuance costs	(674)		(764)
Mortgage notes payable, net	$	57,551	$	60,124

Debt Instrument Redemption

The Company had the following senior notes outstanding as of June 30, 2024 and December 31, 2023:

Issue Date	June 30, 2024		December 31, 2023		Interest Rate		Maturity Date	Issue Price
May 2014(1)	$	—	$	198,932	4.400	%	June 2024	99.883	%
November 2023	300,000		300,000		6.750	%	November 2028	99.423	%
August 2020	400,000		400,000		2.700	%	September 2030	99.233	%
August 2021	400,000		400,000		2.375	%	October 2031	99.758	%
	1,100,000		1,298,932
Unamortized debt discount	(4,106)		(4,489)
Unamortized debt issuance costs	(7,560)		(8,298)
Senior notes payable, net	$	1,088,334	$	1,286,145

(1)    The Company repaid the 4.40% Senior Notes due 2024 at maturity.

Schedule of Line of Credit Facilities

The maturity dates and interest rates as of June 30, 2024, are as follows:

	Maturity Date	Interest Rate
$600,000 Revolving Credit Facility(1)	July 2026	SOFR + 0.85%
$300,000 Term Loan(2)	January 2027	Term SOFR + 1.00%

(1)    Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate includes a 0.10% adjustment. The interest rate spread ranges from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At June 30, 2024, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance.

(2)    The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum, until January 31, 2025. The aggregate unamortized debt issuance costs for the term loan was $2,711 and $3,236 as of June 30, 2024 and December 31, 2023, respectively.