Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Non-Recourse Property Loans Payable Related to Properties

The following table summarizes our outstanding debt balances as of December 31, 2022 and 2021 (in thousands):

	2022			2021
Secured debt:
Fixed-rate property debt due May 2025 to January 2055 (1)	$	1,906,151		$	2,217,256
Variable-rate property debt due October 2024 (2)		88,500			88,500
Total non-recourse property debt		1,994,651			2,305,756
Debt issuance costs, net of accumulated amortization		(9,221	)		(11,017	)
Total non-recourse property debt, net	$	1,985,430		$	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)		462,000			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		1,662,000			1,454,000
Debt issuance costs, net of accumulated amortization		(5,801	)		(5,453	)
Total unsecured debt, net	$	1,656,199		$	1,448,547
Total indebtedness	$	3,641,629		$	3,743,286

(1)The stated rates on our fixed-rate property debt are between 2.4% to 5.7%.

(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, based on our current credit rating. As of December 31, 2022, the weighted-average interest rate for our term loans, which is fixed via interest rate swaps beginning with the second quarter of 2022, was 4.1%. The term loans mature on the following schedule: $150 million mature on December 15, 2023, with two one-year extension options; $300 million mature on December 15, 2024, with a one-year extension option; $150 million mature on December 15, 2025; and $200 million mature on April 14, 2026.

(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 December 31, 2022, we had capacity to borrow up to $526.9 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%, based on our current credit rating, and a SOFR adjustment of 10 basis points. As of December 31, 2022, the weighted-average interest rate for our revolving credit facility was 5.3%.

(5)During the second quarter of 2022, we issued three tranches of guaranteed, senior unsecured notes, totaling $400 million. As of December 31, 2022, the weighted-average interest rate for senior unsecured notes was 4.3%.

Scheduled of principal amortization and maturity payments for our outstanding debt balances

As of December 31, 2022, the scheduled principal amortization and maturity payments for our outstanding debt balances were as follows (in thousands):

	Amortization		Maturities		Total
2023 (1)	$	29,362	$	—	$	29,362
2024 (1)		30,841		88,500		119,341
2025 (1) (2)		29,539		971,323		1,000,862
2026 (1)		24,012		361,950		385,962
2027		21,445		163,098		184,543
Thereafter		186,190		1,288,391		1,474,581
Total	$	321,389	$	2,873,262	$	3,194,651

(1)Amounts presented above are inclusive of extension options on our terms loans, as outlined above.

(2)The table above excludes our revolving credit facility due April 2025, which had an outstanding balance of $462 million as of December 31, 2022.