Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt consists of the following ($ in thousands):


	September 30, 2024			December 31, 2023			Weighted Average Maturity In Years as of September 30, 2024

Term loan - variable rate, net	$	298,840		$	298,552		3.0
Bonds public offering - fixed rate, net (1)	5,174,478			5,019,979			7.2
Unsecured debt, net (2)	5,473,318			5,318,531
Lines of credit (3)	7,885			—
Mortgage notes payable, net (4)	884,728			887,204			7.1
Total debt, net	$	6,365,931		$	6,205,735
Weighted average interest rate on fixed rate unsecured bonds public offering	3.4		%	3.3		%
Weighted average interest rate on variable rate term loan	4.2		%	4.2		%
Weighted average interest rate on lines of credit	6.3		%	6.3		%
Weighted average interest rate on mortgage notes payable	4.2		%	4.3		%

(1) In March 2024, the Operating Partnership issued $350.0 million of senior unsecured notes due on April 1, 2034 with a coupon rate of 5.500% per annum, which are payable on April 1 and October 1 of each year, beginning on October 1, 2024. The 2034 Notes were offered to investors at a price of 99.752% of the principal amount. In May 2024, the Company repaid its $400.0 million unsecured notes, due May 1, 2024, at maturity. In August 2024, the Operating Partnership issued an additional $200.0 million of the 2034 Notes at a price of 102.871% of the principal amount, plus accrued interest from and including March 2024, up to, but excluding, the settlement date of August 21, 2024, with an effective yield of 5.110% per annum.

(2) Unsecured debt, net, consists of fixed rate public bond offerings and a variable rate term loan which includes unamortized discounts, net of premiums, of $0.1 million and $6.1 million and unamortized debt issuance costs of $26.6 million and $25.3 million, as of September 30, 2024 and December 31, 2023, respectively.

(3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.28 billion and $1.24 billion as of September 30, 2024, and December 31, 2023, respectively, excludes unamortized debt issuance costs of $6.5 million and $3.8 million as of September 30, 2024 and December 31, 2023, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of September 30, 2024, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.765%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric adjustment feature, and a scheduled maturity date of January 2029 with two six-month extensions, exercisable at the Company’s option. In September 2024, the scheduled maturity date was extended from January 2027 to January 2029. As of September 30, 2024, the Company’s $75.0 million working capital unsecured line of credit had an interest rate of the Adjusted SOFR plus 0.765%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric adjustment feature. Prior to its maturity in July 2024 the line of credit facility was amended such that the line's capacity increased to $75.0 million and the scheduled maturity date was extended to July 2026.

(4) Includes total unamortized premiums, net of discounts of approximately $0.1 million and $0.5 million, reduced by unamortized debt issuance costs of $2.7 million and $3.1 million, as of September 30, 2024 and December 31, 2023, respectively.

Schedule of Aggregate Scheduled Principal Payments

The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of September 30, 2024 are as follows ($ in thousands):


2024	$	794
2025	633,054
2026	549,405
2027	803,955
2028	518,332
Thereafter	3,881,937
Total	$	6,387,477