Debt (Tables)

6 Months Ended

Jun. 30, 2022

Table Text Block Supplement [Abstract]

The following table summarizes debt as of June 30, 2022 and December 31, 2021 (dollars in thousands):


	Outstanding Balance
	June 30, 2022			December 31, 2021
Secured debt:
Fixed-rate property debt due December 2022 to June 2032 (1)	$	1,947,527		$	2,217,256
Variable-rate property debt due October 2024 (2)		88,500			88,500
Total non-recourse property debt		2,036,027			2,305,756
Debt issuance costs, net of accumulated amortization		(9,514	)		(11,017	)
Total non-recourse property debt, net	$	2,026,513		$	2,294,739

Unsecured debt:
Term loans due December 2023 to April 2026 (2) (3)		800,000			1,150,000
Revolving credit facility borrowings due April 2025 (4)		148,000			304,000
4.58% Notes payable due June 2027 (5)		100,000			—
4.77% Notes payable due June 2029 (5)		100,000			—
4.84% Notes payable due June 2032 (5)		200,000			—
Total unsecured debt		1,348,000			1,454,000
Debt issuance costs, net of accumulated amortization		(6,056	)		(5,453	)
Total unsecured debt, net	$	1,341,944		$	1,448,547
Total indebtedness	$	3,368,457		$	3,743,286

(1)

The stated rate on our fixed-rate property debt is 2.4% to 4.2%.

(2)

During the second quarter of 2022, we hedged $830 million of our floating rate debt through placement of floating to fixed rate swaps, which have been designated as cash flow hedges. These hedges lock $830 million of floating rate debt at an all in cost of 4.2%.

(3)

The term loans bear interest at a 1-month Term Secured Overnight Financing Rate ("SOFR") plus 1.00% and a SOFR adjustment of 10 basis points, with a SOFR floor of 0.00%, based on our current credit rating. As of June 30, 2022, the weighted-average interest rate for our term loans was 4.1%.

(4)

On May 2, 2022, we exercised the accordion feature on our revolving credit facility, increasing the revolving credit facility by $400 million to $1.0 billion. As of June 30, 2022, we had capacity to borrow up to $840.9 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a 1-month Term SOFR plus 0.89% and a SOFR adjustment of 10 basis points, based on our current credit rating. As of June 30, 2022, the weighted-average interest rate for our revolving credit facility was 3.2%.

(5)

During the three months ended June 30, 2022, we issued three tranches of guaranteed, senior unsecured notes, totaling $400 million at a weighted-average effective interest rate of 4.3%, inclusive of the previously-placed treasury lock, and a weighted-average maturity of eight years.