Debt (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Debt Disclosure [Abstract] |
|
| Summary of Debt |
The Company's debt is summarized below (dollars in thousands):
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Weighted Average Effective Interest Rates (1) |
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Weighted Average Stated Interest Rates (2) |
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Weighted Average Remaining Years to Maturity (3) |
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September 30,
2023 |
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December 31,
2022 |
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Debt: |
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Revolving credit facilities |
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12.18% |
|
— |
|
2.5 |
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$ |
— |
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|
$ |
55,500 |
|
Term loans |
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4.01% |
|
3.86% |
|
2.8 |
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|
1,100,000 |
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|
|
800,000 |
|
Senior Unsecured Notes |
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3.42% |
|
3.25% |
|
5.7 |
|
|
2,750,000 |
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|
|
2,750,000 |
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Mortgages payable |
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4.89% |
|
5.82% |
|
7.3 |
|
|
4,410 |
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|
|
4,825 |
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Total debt |
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3.68% |
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3.42% |
|
4.8 |
|
|
3,854,410 |
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|
|
3,610,325 |
|
Debt discount, net |
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|
(8,573 |
) |
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|
(9,556 |
) |
Deferred financing costs, net (4) |
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(25,589 |
) |
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|
(25,460 |
) |
Total debt, net |
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$ |
3,820,248 |
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|
$ |
3,575,309 |
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(1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, non-utilization fees and impact of cash flow hedges, where applicable, calculated for the nine months ended September 30, 2023 based on the average principal balance outstanding during the period. (2) Based on the outstanding principal balance as of September 30, 2023. Term loans include the impact of cash flow hedges. Excluding the impact of cash flow hedges, the stated interest rate for the term loans was 6.31% as of September 30, 2023. (3) Based on the outstanding principal balance as of September 30, 2023. (4) Excludes deferred financing costs for the revolving credit facilities.
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| Summary of Senior Unsecured Notes |
The Senior Unsecured Notes were issued by the Operating Partnership and are guaranteed by the Company. The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands):
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Maturity Date |
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Interest Payment Dates |
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Stated Interest Rate |
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September 30,
2023 |
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|
December 31,
2022 |
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2026 Senior Notes |
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September 15, 2026 |
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March 15 and September 15 |
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4.45% |
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$ |
300,000 |
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|
$ |
300,000 |
|
2027 Senior Notes |
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January 15, 2027 |
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January 15 and July 15 |
|
3.20% |
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|
300,000 |
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|
|
300,000 |
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2028 Senior Notes |
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March 15, 2028 |
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March 15 and September 15 |
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2.10% |
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|
450,000 |
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|
450,000 |
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2029 Senior Notes |
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July 15, 2029 |
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January 15 and July 15 |
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4.00% |
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|
400,000 |
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|
|
400,000 |
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2030 Senior Notes |
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January 15, 2030 |
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January 15 and July 15 |
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3.40% |
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|
500,000 |
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|
500,000 |
|
2031 Senior Notes |
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February 15, 2031 |
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February 15 and August 15 |
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3.20% |
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|
450,000 |
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|
450,000 |
|
2032 Senior Notes |
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February 15, 2032 |
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February 15 and August 15 |
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2.70% |
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|
350,000 |
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|
350,000 |
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Total Senior Unsecured Notes |
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|
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3.25% |
|
$ |
2,750,000 |
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|
$ |
2,750,000 |
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|
| Schedule of Debt Maturities |
As of September 30, 2023, scheduled debt maturities, including balloon payments, were as follows (in thousands):
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Scheduled
Principal |
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Balloon
Payment |
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Total |
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Remainder of 2023 |
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$ |
141 |
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$ |
— |
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$ |
141 |
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2024 |
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|
590 |
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— |
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|
590 |
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2025 |
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|
610 |
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600,016 |
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|
600,626 |
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2026 |
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|
469 |
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300,000 |
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|
300,469 |
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2027 |
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|
497 |
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800,000 |
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|
800,497 |
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Thereafter |
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|
2,034 |
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2,150,053 |
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2,152,087 |
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Total |
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$ |
4,341 |
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|
$ |
3,850,069 |
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$ |
3,854,410 |
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| Summary of Components of Interest Expense Related to Borrowings |
The components of interest expense related to the Company's borrowings were as follows (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2023 |
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|
2022 |
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|
2023 |
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|
2022 |
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Revolving credit facilities (1) |
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$ |
612 |
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$ |
3,550 |
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$ |
4,237 |
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$ |
8,520 |
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Term loans (2) |
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|
10,857 |
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|
2,940 |
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|
25,589 |
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|
2,940 |
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Senior Unsecured Notes |
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|
22,313 |
|
|
|
22,313 |
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|
|
66,939 |
|
|
|
66,939 |
|
Mortgages payable |
|
|
65 |
|
|
|
73 |
|
|
|
201 |
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|
|
225 |
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Non-cash: |
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Amortization of deferred financing costs |
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|
2,325 |
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|
|
1,475 |
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|
|
5,944 |
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|
3,637 |
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Amortization of debt discount, net |
|
|
330 |
|
|
|
318 |
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|
|
982 |
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|
|
947 |
|
Amortization of net losses related to interest rate swaps |
|
|
702 |
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|
|
702 |
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|
|
2,106 |
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|
2,106 |
|
Capitalized interest |
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|
(285 |
) |
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|
(415 |
) |
|
|
(1,005 |
) |
|
|
(741 |
) |
Total interest expense |
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$ |
36,919 |
|
|
$ |
30,956 |
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|
$ |
104,993 |
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|
$ |
84,573 |
|
(1) Includes facility fees of approximately $0.6 million and $2.0 million for the three and nine months ended September 30, 2023, respectively, and $0.5 million and $1.4 million for the three and nine months ended September 30, 2022, respectively. (2) Includes impact of cash flow hedge.
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