Debt

3 Months Ended

Mar. 31, 2024

The Company had the following mortgages and notes payable outstanding as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Mortgages and notes payable	$	59,562	$	60,888
Unamortized debt issuance costs	(719)		(764)
Mortgage notes payable, net	$	58,843	$	60,124

Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3%, at March 31, 2024 and December 31, 2023 and all mortgages and notes payable mature between 2028 and 2031 as of March 31, 2024. The weighted-average interest rate at March 31, 2024 and December 31, 2023 was approximately 4.0%, respectively.

The Company had the following senior notes outstanding as of March 31, 2024 and December 31, 2023:


Issue Date	March 31, 2024		December 31, 2023		Interest Rate		Maturity Date	Issue Price
November 2023 (1)	$	300,000	$	300,000	6.750	%	November 2028	99.423	%
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	%
	1,298,932		1,298,932
Unamortized debt discount	(4,297)		(4,489)
Unamortized debt issuance costs	(7,924)		(8,298)
Senior notes payable, net	$	1,286,711	$	1,286,145

(1) A portion of the net proceeds were invested on a short-term basis and the Company intends to use the investments to repay the 2024 Senior Notes at or near maturity.

Each series of the senior notes is unsecured and require payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus any potential make-whole premium.

The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of March 31, 2024, are as follows:


	Maturity Date	Interest Rate
$600,000 Revolving Credit Facility(1)	July 2026	SOFR + 0.85%
$300,000 Term Loan(2)	January 2027	Term SOFR + 1.00%

(1) Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate includes a 0.10% adjustment. The interest rate spread ranges from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At March 31, 2024, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance.

(2) The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum, until January 31, 2025. The aggregate unamortized debt issuance costs for the term loan was $2,973 and $3,236 as of March 31, 2024 and December 31, 2023, respectively.

The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at March 31, 2024.

During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option and bear interest at a variable rate of three-month SOFR plus a 0.26% adjustment plus a spread of 170 basis points through maturity. The interest rate at March 31, 2024 was 7.279%. As of March 31, 2024 and December 31, 2023, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,301 and $1,326, respectively, of unamortized debt issuance costs.

The Company capitalized $1,853 and $1,996 of interest expense for the three months ended March 31, 2024 and 2023, respectively.