XML 56 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1
Senior Notes, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Senior Notes, Net Mortgage notes payable, net as of December 31, 2023 and 2022 consisted of the following:
Encumbered Properties
Outstanding Loan Amount (1)
Effective Interest Rate
Interest Rate
CountryPortfolioDecember 31, 2023December 31, 2022
Maturity
Anticipated
Repayment (2)
(In thousands)(In thousands)
Finland:Finland Properties5$81,695 $79,232 2.4%(3)Fixed/Variable Feb. 2029Feb. 2029
GermanyGermany Properties—— 55,140 —%(4)N/AN/AN/A
Luxembourg/ The Netherlands:Benelux Properties3129,752 128,485 1.4%Fixed Jun. 2024Jun. 2024
Total EUR denominated8211,447 262,857 
United Kingdom:McLaren 3128,587 122,182 6.1%FixedApr. 2024Apr. 2024
United Kingdom Properties - Bulk Loan—— 194,320 —%(5)N/AN/AN/A
Total GBP denominated3128,587 316,502 
United States:Penske Logistics170,000 70,000 4.7%(6)FixedNov. 2028Nov. 2028
Multi-Tenant Mortgage Loan I10162,580 162,580 4.4%(6)FixedNov. 2027Nov. 2027
Multi-Tenant Mortgage Loan II832,750 32,750 4.4%(6)FixedFeb. 2028Feb. 2028
Multi-Tenant Mortgage Loan III798,500 98,500 4.9%(6)FixedDec. 2028Dec. 2028
Multi-Tenant Mortgage Loan IV1697,500 97,500 4.6%(6)FixedMay 2029May 2029
Multi-Tenant Mortgage Loan V11139,771 204,000 3.7%(6)FixedOct. 2029Oct. 2029
2019 Class A-1 Net-Lease Mortgage Notes97110,815 — 3.8%(7)FixedMay 2049May 2026
2019 Class A-2 Net-Lease Mortgage Notes101119,409 — 4.5%(7)FixedMay 2049May 2029
2021 Class A-1 Net-Lease Mortgage Notes4350,971 — 2.2%(7)FixedMay 2051May 2028
2021 Class A-2 Net-Lease Mortgage Notes4488,041 — 2.8%(7)FixedMay 2051May 2031
2021 Class A-3 Net-Lease Mortgage Notes3234,997 — 3.1%(7)FixedMay 2051May 2028
2021 Class A-4 Net-Lease Mortgage Notes3354,995 — 3.7%(7)FixedMay 2051May 2031
Column Financial Mortgage Notes359697,595 — 3.8%(7)FixedAug. 2025Aug. 2025
Mortgage Loan II12210,000 — 4.3%(7)FixedJan. 2028Jan. 2028
Mortgage Loan III2233,400 — 4.1%(7)FixedJan. 2028Jan. 2028
RTL Multi-Tenant Mortgage II425,000 — 4.5%(7)FixedFeb. 2024Feb. 2024
McGowin Park139,025 — 4.1%(7)FixedMay 2024May 2024
CMBS Loan29260,000 — 6.5%(7)FixedSept. 2033Sept. 2033
Total USD denominated8302,325,349 665,330 
Gross mortgage notes payable8412,665,383 1,244,689 4.2%
Mortgage discount(140,403)(1,207)—
Deferred financing costs, net of accumulated amortization (8)
(7,112)(10,401)—
Mortgage notes payable, net 841$2,517,868 $1,233,081 4.2%
__________
(1)Amounts borrowed in local currency are translated at the spot rate in effect at the applicable reporting date.
(2)The Company determines an anticipated repayment date when the terms of a debt obligation provide for earlier repayment than the legal maturity and when the Company expects to repay such debt obligations earlier due to factors such as elevated interest rates or additional principal payment requirements.
(3)80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.4% plus 3-month Euribor. Euribor rate in effect as of December 31, 2023. This loan was extended from its original maturity date of February 2024 to February 2029 (see Note 17 — Subsequent Events for more information).
(4)This loan was repaid in the quarter ended June 30, 2023 and the five properties were added to the borrowing base of the Revolving Credit Facility (as defined below). Prior to its repayment, the loan was 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable.
(5)This loan was repaid in the quarter ended June 30, 2023 and the 41 properties were added to the borrowing base of the Revolving Credit Facility (as defined below). Prior to its repayment, this loan was 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable.
(6)The borrower’s (wholly-owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers.
(7)These mortgages were assumed from RTL pursuant to the terms of the REIT Merger Agreement.
(8)Deferred financing costs consist of commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
The details of the Company’s senior notes are as follows:
December 31,
(In thousands)20232022
3.75% Senior Notes
Aggregate principal amount $500,000 $500,000 
Less: Deferred financing costs(5,491)(6,878)
     3.75% Senior Notes, net
494,509 493,122 
4.50% Senior Notes
Aggregate principal amount500,000 — 
Less: Discount(108,464)— 
     4.50% Senior Notes, net
391,536 — 
Senior Notes, Net$886,045 $493,122