Debt and Line of Credit (Tables)

6 Months Ended

Jun. 30, 2023

The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information):


	Carrying Amount				Weighted Average Years to Maturity		Weighted Average Interest Rates
	June 30, 2023		December 31, 2022		June 30, 2023	December 31, 2022	June 30, 2023		December 31, 2022








Secured Debt(1)	$	3,373.0	$	3,217.8	9.5	10.2	3.811	%	3.723	%

Unsecured Debt
Senior unsecured notes(2)	2,176.2		1,779.6		8.0	8.1	3.375	%	2.9	%

Line of credit and other debt(3)	2,002.9		2,130.6		2.2	2.8	5.021	%	4.417	%
Preferred equity - Sun NG Resorts - mandatorily redeemable	35.2		35.2		1.3	1.8	6.0	%	6.0	%
Preferred OP units - mandatorily redeemable	26.7		34.0		0.5	3.1	6.5	%	5.921	%
Total Unsecured Debt	4,241.0		3,979.4
Total Debt	$	7,614.0	$	7,197.2	7.1	7.4	4.024	%	3.746	%

(1) Balances at June 30, 2023 and December 31, 2022 include $0.1 million of net debt premium, respectively, and $15.7 million and $14.6 million of deferred financing costs, respectively.

(2) Balances at June 30, 2023 and December 31, 2022 include $6.9 million and $6.1 million of net debt discount, respectively, and $16.9 million and $14.3 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

(3) Balances at June 30, 2023 and December 31, 2022 includes $2.3 million and $3.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

During the six months ended June 30, 2023, no mortgage term loans were paid off. During the year ended December 31, 2022, we paid off the following mortgage term loans during the quarters presented below (in millions, except for statistical information):


Period	Repayment Amount			Fixed Interest Rate		Maturity Date	Loss on Extinguishment of Debt
Three months ended September 30, 2022	$	318.0	(1)	4.81	%	December 6, 2022 - September 6, 2024	$	4.0
Three months ended June 30, 2022	$	15.8		3.89	%	October 1, 2022	$	—

(1)Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024, and were secured by 35 properties.

During the six months ended June 30, 2023 and the year ended December 31, 2022, we entered into the following mortgage term loans during the quarters presented below (in millions, except for statistical information):


Period	Loan Amount			Term (in years)	Interest Rate		Maturity Date
Three months ended March 31, 2023	$	85.0	(1)	3	5.0	%	February 13, 2026
	$	99.1	(2)	7 - 10	5.72	%	April 1, 2030 - April 1, 2033
Three months ended December 31, 2022	$	226.0	(3)	4 - 7	4.5	%	June 15, 2026 - December 15, 2029
Three months ended September 30, 2022	$	20.6	(4)(5)	25	3.65	%	August 10, 2047
	$	3.4	(5)	25	3.65	%	August 10, 2047

(1)Includes five existing encumbered properties.

(2)Includes 22 existing encumbered properties.

(3)Includes 18 existing encumbered properties.

(4)Represents a construction loan (undrawn as of June 30, 2023).

(5)Represents loans jointly secured by one property.

The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded in the Unsecured debt line item on the Consolidated Balance Sheets.


			Carrying Amount
	Principal Amount		June 30, 2023		December 31, 2022
5.7% notes, issued in January 2023 and due in January 2033(1)	$	400.0	$	395.5	N/A
4.2% notes, issued in April 2022 and due in April 2032	600.0		592.2		591.8
2.3% notes, issued in October 2021 and due in November 2028	450.0		446.5		446.2
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0		742.0		741.6
Total	$	2,200.0	$	2,176.2	$	1,779.6

(1) In January 2023, the Operating Partnership issued $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033 (the "2033 Notes"). Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2023. The net proceeds from the offering were $395.3 million, after deducting underwriters' discounts and estimated offering expenses. We used the net proceeds from the offering to repay borrowings outstanding under our Senior Credit Facility.

Schedule of Interest Capitalized

Capitalized interest costs associated with construction and development activities during the three and six months ended June 30, 2023 and 2022 were as follows (in millions):


	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Interest capitalized	$	2.6	$	1.8	$	5.1	$	2.8