Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company had the following mortgages and notes payable outstanding as of September 30, 2022 and December 31, 2021:

	September 30, 2022		December 31, 2021
Mortgages and notes payable	$	76,013	$	84,429
Unamortized debt issuance costs	(1,122)		(1,337)
Mortgages and notes payable, net	$	74,891	$	83,092

Debt Instrument Redemption

The Company had the following senior notes outstanding as of September 30, 2022 and December 31, 2021:

Issue Date	September 30, 2022		December 31, 2021		Interest Rate		Maturity Date	Issue Price
August 2021	$	400,000	$	400,000	2.375	%	October 2031	99.758	%
August 2020	400,000		400,000		2.70	%	September 2030	99.233	%
May 2014	198,932		198,932		4.40	%	June 2024	99.883	%
	998,932		998,932
Unamortized debt discount	(3,335)		(3,655)
Unamortized debt issuance costs	(6,643)		(7,346)
Senior notes payable, net	$	988,954	$	987,931

Schedule of Line of Credit Facilities

The maturity dates and interest rates as of September 30, 2022, are as follows:

	Maturity Date	Current Interest Rate
$600,000 Revolving Credit Facility(1)	July 2026	SOFR + 0.85%
$300,000 Term Loan(1)(2)	January 2025	Term SOFR + 1.00%

(1)    In July 2022, the Company amended its revolving credit facility and the 2025 term loan with a new revolving credit facility and the continuation of the 2025 term loan (the "2022 Credit Agreement"). The 2022 Credit Agreement, among other things: (i) extended the maturity date of the revolving portion from February 2023 to July 2026, with two six-month extension options, subject to certain conditions, (ii) reduced the applicable margin for the revolving portion of the credit facility by five basis points to a range from 0.725% to 1.40%, and allows for further reductions upon the achievement of to-be-determined sustainability metrics, (iii) amended the debt covenants by reducing the capitalization rate for determining asset value and (iv) transitioned the facility to SOFR. Simultaneously, the Company converted its interest rate swap agreements to Term SOFR, which resulted in a new fixed interest rate of 2.722% on the Company's 2025 term loan. At September 30, 2022, the Company had $130,000 borrowings outstanding and availability of $470,000, subject to covenant compliance. The Company recognized $119 of debt satisfaction losses in connection with the transaction.

(2)    The aggregate unamortized debt issuance costs for the term loan was $1,166 and $1,554 as of September 30, 2022 and December 31, 2021, respectively.