Debt (Tables)

12 Months Ended

Dec. 31, 2023

The following table summarizes the Company’s senior unsecured notes issuances for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands):


Issue Date	Amount		Coupon Rate		Maturity Year
Year ended December 31, 2023:
January 17, 2023	$	400,000	5.25	%	2032
May 10, 2023(1)	350,000		5.25	%	2032
Year ended December 31, 2021:
November 24, 2021(2)	500,000		2.13	%	2028
July 12, 2021(2)	450,000		1.35	%	2027

_______________________________________

(1)In May 2023, the Company issued $350 million of 5.25% senior unsecured notes due 2032, which constituted an additional issuance of, and are treated as a single series with, the $400 million of senior unsecured notes due 2032 issued in January 2023.

(2)In 2021, the Company completed two green bond offerings. The net proceeds from both green bonds have been allocated to eligible green projects, and the Company may choose to re-allocate net proceeds from such offerings to one or more other eligible green projects.

Summary of Senior Unsecured Notes Payoffs

The following table summarizes the Company’s senior unsecured notes repurchases and redemptions for the year ended December 31, 2021 (dollars in thousands):


Payoff Date(1)	Amount		Coupon Rate		Maturity Year
May 19, 2021	$	251,806	3.40	%	2025
May 19, 2021	298,194		4.00	%	2025
February 26, 2021	188,000		4.25	%	2023
February 26, 2021	149,000		4.20	%	2024
February 26, 2021	331,000		3.88	%	2024
January 28, 2021	112,000		4.25	%	2023
January 28, 2021	201,000		4.20	%	2024
January 28, 2021	469,000		3.88	%	2024

_______________________________________

(1)As a result of the repurchases and redemptions of these senior unsecured notes, the Company recognized an aggregate $225 million loss on debt extinguishment during the year ended December 31, 2021.

Summary of Stated Debt Maturities and Scheduled Principal Repayments

The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2023 (dollars in thousands):


							Senior Unsecured Notes(2)				Mortgage Debt(3)
Year	Bank Line of Credit		Commercial Paper(1)		Term Loans		Amount		Interest Rate		Amount		Interest Rate		Total
2024	$	—	$	—	$	—	$	—	—	%	$	7,024	6.90	%	$	7,024
2025	—		—		—		800,000		3.92	%	3,209		3.82	%	803,209
2026	—		720,000		—		650,000		3.40	%	244,523		4.44	%	1,614,523
2027	—		—		500,000		450,000		1.54	%	366		5.91	%	950,366
2028	—		—		—		500,000		2.35	%	—		—	%	500,000
Thereafter	—		—		—		3,050,000		4.18	%	—		—	%	3,050,000
	—		720,000		500,000		5,450,000				255,122				6,925,122
Premiums, (discounts), and debt issuance costs, net	—		—		(3,176)		(46,622)				975				(48,823)


	$	—	$	720,000	$	496,824	$	5,403,378			$	256,097			$	6,876,299

_______________________________________

(1)Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility.

(2)Effective interest rates on the senior unsecured notes range from 1.54% to 6.87% with a weighted average effective interest rate of 3.66% and a weighted average maturity of 6 years.

(3)Effective interest rates on the mortgage debt range from 3.44% to 9.26% with a weighted average effective interest rate of 4.50% and a weighted average maturity of 3 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.