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DEBT OBLIGATIONS (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Consolidated Debt Obligations
The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of September 30, 2022 and December 31, 2021 (in thousands):
September 30, 2022December 31, 2021Effective
Interest Rate		Maturity
Date
UNSECURED DEBT
$600 million Unsecured Credit Facility
$246,000 $23,000 
SOFR + 1.15%
June 2026(a)
Term Loan - Swapped to fixed250,000 250,000 2.87%June 2027(b)
$350.0M 3.95% Guaranteed Notes due 2023
350,000 350,000 3.87%February 2023
$350.0M 4.10% Guaranteed Notes due 2024
350,000 350,000 3.78%October 2024
$450.0M 3.95% Guaranteed Notes due 2027
450,000 450,000 4.03%November 2027
$350.0M 4.55% Guaranteed Notes due 2029
350,000 350,000 4.30%October 2029
Indenture IA (Preferred Trust I)27,062 27,062 
LIBOR + 1.25%
March 2035
Indenture IB (Preferred Trust I)25,774 25,774 
LIBOR + 1.25%
April 2035
Indenture II (Preferred Trust II)25,774 25,774 
LIBOR + 1.25%
July 2035
Principal balance outstanding2,074,610 1,851,610 
Plus: original issue premium (discount), net6,724 8,187 
Less: deferred financing costs(6,611)(6,211)
Total unsecured indebtedness$2,074,723 $1,853,586 
(a)Spread includes a 10 basis point daily SOFR adjustment.
(b)On June 30, 2022, the Company executed the 2022 Credit Agreement (as defined below), that provides for, among other things, the Term Loan (as defined below), which replaced the Company's $250.0 million term loan that had been scheduled to mature on October 22, 2022. As of September 30, 2022, based on the Operating Partnership's unsecured senior debt rating, the applicable margin for the Term Loan was 120.0 basis points, plus a daily SOFR adjustment of 10 basis points. Through a series of interest rate swaps, the $250.0 million principal amount of the Term Loan had a fixed interest rate of 2.87% until October 8, 2022.
Schedule of Maturities of Long-term Debt
As of September 30, 2022, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):
2022 (three months remaining)$— 
2023350,000 
2024350,000 
2025— 
2026246,000 
Thereafter1,128,610 
Total principal payments 2,074,610 
Net unamortized premiums/(discounts)6,724 
Net deferred financing costs(6,611)
Outstanding indebtedness $2,074,723