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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
As of June 30, 2024 and December 31, 2023, the Company’s consolidated debt consisted of the following:
Carrying Value
June 30, 2024December 31, 2023
Contractual Interest 
Rate (1)
Loan
Maturity(2)
Effective Interest Rate(3)
Secured Debt
Pepsi Bottling Ventures Mortgage Loan$17,236 $17,439 3.69%October 20243.80%
AIG Loan II105,576 119,953 4.15%November 20254.84%
BOA II Loan250,000 250,000 4.32%May 20284.14%
AIG Loan91,187 92,444 4.96%February 20295.12%
Highway 94 Mortgage Loan— 11,709 —%(4)—(4)—%
Total Secured Debt 463,999 491,545 
Unsecured Debt(7)
Revolving Loan400,000 400,000 
SOF Rate + 1.30%
(5)January 2026(6)7.11%
2025 Term Loan 400,000 400,000 
SOF Rate + 1.25%
(5)December 20257.00%
2026 Term Loan150,000 150,000 
SOF Rate + 1.25%
(5)April 20266.84%
Total Unsecured Debt950,000 950,000 
Total Debt1,413,999 1,441,545 
Unamortized Deferred Financing Costs and Discounts, net(5,482)(5,622)
Total Debt, net$1,408,517 $1,435,923 
(1)Including the effect of the interest rate swap agreements with a total notional amount of $750.0 million (maturing on July 1, 2025), the weighted average interest rate as of June 30, 2024 was 4.20% for both the Company’s fixed-rate and variable-rate debt combined and 3.77% for the Company’s fixed-rate debt only.
(2)Reflects the loan maturity dates as of June 30, 2024.
(3)The Effective Interest Rate for the Company's unsecured debt is calculated on a weighted average basis and is inclusive of the Company's $750 million floating to fixed interest rate swaps maturing on July 1, 2025.
(4)Highway 94 Mortgage loan was paid off in full in March 2024 in connection with the tenant’s closing on exercise of its purchase option for the Other segment property located in Jefferson City, Missouri.
(5)The applicable SOFR as of June 30, 2024 (calculated per the Second Amended and Restated Credit Agreement) was 5.31%.
(6)During the quarter ended June 30, 2024, the Company exercised its option to extend the Revolving Loan Maturity Date (as defined in the Second Amended and Restated Credit Agreement) to January 31, 2026.
(7)On July 25, 2024, the Company entered into an Eighth Amendment to the Second Amended and Restated Credit Agreement, which modified, among other terms, maturity dates of certain loans, the interest rate, the maximum commitment amount under the Revolving Loan, and certain terms related to debt covenants. Refer to Note 16. Subsequent Events for further details.
Second Amended and Restated Credit Agreement
As of June 30, 2024, the Second Amended and Restated Credit Agreement dated as of April 30, 2019 (as amended by the First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020 (the “First Amendment”), the Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020 (the “Second Amendment”), the Third Amendment to the Second Amended and Restated Credit Agreement dated as of July 14, 2021 (the “Third Amendment”), the Fourth Amendment to the Second Amended and Restated Credit Agreement dated as of April 28, 2022 (the “Fourth Amendment”), the Fifth Amendment to the Second Amended and Restated Credit Agreement dated as of September 28, 2022 (the “Fifth Amendment”), the Sixth Amendment to the Second Amended and Restated Credit Agreement dated as of November 30, 2022 (the “Sixth Amendment”), and the Seventh Amendment to the Amended and Restated Credit Agreement dated as of March 21, 2023 (the “Seventh Amendment”), and together with the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, and the Sixth Amendment, the “Second Amended and Restated Credit Agreement”), with KeyBank National Association (“KeyBank”) as administrative agent, and a syndicate of lenders, provided the Operating Partnership, as the borrower, with a $1.3 billion credit facility consisting of (i) a $750.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”), under which the Operating Partnership has drawn $400.0 million (the “Revolving Loan”) maturing on January 31, 2026 (pursuant to the Company’s exercise of its option to extend the Revolving Maturity Date, as defined in the Second Amended and Restated Credit Agreement, of June 30, 2024 to January 31, 2026), (ii) a $400.0 million senior unsecured term loan maturing in December 2025 (the “2025 Term Loan”), and (iii) a $150.0 million senior unsecured term loan maturing in April 2026 (the “2026 Term Loan” and together with the Revolving Credit Facility and the 2025 Term Loan, the “KeyBank Loans”). The Second Amended and Restated Credit Agreement also provides the option, subject to obtaining additional commitments from lenders and certain other customary conditions, to increase the commitments under the Revolving Credit Facility, to increase the existing term loans and/or incur new term loans by up to an additional $1.0 billion in the aggregate. As of June 30, 2024, the available undrawn capacity under the Revolving Credit Facility was $172.1 million.
On July 25, 2024, the Company entered into an Eighth Amendment to the Second Amended and Restated Credit Agreement, which modified, among other terms, maturity dates of certain loans, the interest rate, the maximum commitment amount under the Revolving Loan, and certain terms related to debt covenants. Refer to Note 16. Subsequent Events for further details.
Debt Covenant Compliance
Pursuant to the terms of the Company’s mortgage loans and the KeyBank Loans, the Operating Partnership, in consolidation with the Company, is subject to certain loan compliance covenants. As of June 30, 2024, there have been no significant changes in the Company’s debt covenants from what was disclosed in the Company’s most recent Annual Report on Form 10-K. The Company was in compliance with all of its debt covenants as of June 30, 2024.
Pursuant to the Eighth Amendment to the Second Amended and Restated Credit Agreement, as previously mentioned, certain terms related to debt covenants were modified as of July 25, 2024. Refer to Note 16. Subsequent Events for further details.