DEBT OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Consolidated Debt Obligations

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022		Effective Interest Rate		Maturity Date
SECURED DEBT:



$245.0M 5.88% Secured Term Loan due 2028	$	245,000	—		5.88%		February 2028
$50.0M Construction Loan due 2026	—		—		SOFR + 2.50%		August 2026
Principal balance outstanding	245,000		—

Less: deferred financing costs	(3,346)		—
Total Secured indebtedness	$	241,654	$	—

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	—	$	88,500	SOFR + 1.15%		June 2026	(a)
Term Loan - Swapped to fixed	250,000		250,000		SOFR + 1.30%		June 2027	(b)
$70.0 million Term Loan	70,000		—		SOFR + 1.85%		February 2024	(a)(c)
$350.0M 3.95% Guaranteed Notes due 2023	—		54,301		3.87%		February 2023	(d)
$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 7.55% Guaranteed Notes due 2028	350,000		350,000		7.73%	(f)	March 2028
$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		SOFR + 1.51	(e)	March 2035
Indenture IB (Preferred Trust I)	25,774		25,774		SOFR + 1.51	(e)	April 2035
Indenture II (Preferred Trust II)	25,774		25,774		SOFR + 1.51	(e)	July 2035
Principal balance outstanding	1,898,610		1,971,411
Plus: original issue premium (discount), net	2,159		2,934
Less: deferred financing costs	(7,963)		(9,307)
Total unsecured indebtedness	$	1,892,806	$	1,965,038
Total Debt Obligations	$	2,134,460	$	1,965,038

(a)Spread includes a 10 basis point daily SOFR adjustment.

(b)On November 23, 2022, the $250.0 million unsecured term loan was swapped to a fixed rate of 5.01% and matures on June 30, 2027. The effective date of the swap was January 31, 2023.

(c)The maturity date of the $70.0 million unsecured term loan is subject to a 12 month optional extension upon customary terms and conditions.

(d)On January 20, 2023, the Company redeemed in full its then outstanding 3.95% Guaranteed Notes due 2023 (the “2023 Notes”). The aggregate redemption price of the 2023 Notes was approximately $55.2 million (approximately $54.3 million in principal and approximately $0.92 million of accrued and unpaid interest).

(e)On July 1, 2023, the stated rate of interest was replaced with 3-month CME Term SOFR + 1.51%. The rate will be in effect as the existing 3-month LIBOR interest periods expire over the next three months.

(f)During the third quarter of 2023, Moody’s downgraded our senior unsecured credit rating from Baa3 to Ba1. As a result of the downgrade, the interest rate on our 7.55% note due 2028 increased 25 basis points in September 2023 due to the coupon adjustment provisions within the note.

Schedule of Maturities of Long-term Debt

As of September 30, 2023, the aggregate scheduled principal payments on the Company’s consolidated debt obligations (secured and unsecured) were as follows (in thousands):


2023 (three months remaining)	$	—
2024	350,000
2025	70,000
2026	—
2027	700,000
Thereafter	1,023,610
Total principal payments	2,143,610
Net unamortized premiums/(discounts)	2,159
Net deferred financing costs	(11,309)
Outstanding indebtedness	$	2,134,460