Debt (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of maturities of long-term debt

The following table presents scheduled principal payments related to the Company’s debt as of September 30, 2022 (presented in thousands):

	Scheduled		Balloon
	Principal		Payment		Total
Remainder of 2022	$	218	$	—	$	218
2023		905		28,262		29,167
2024		963		—		963
2025		1,026		50,000		51,026
2026 (1)		629		—		629
Thereafter		—		1,802,250		1,802,250
Total scheduled principal payments	$	3,741	$	1,880,512	$	1,884,253

(1) The Revolving Credit Facility matures in January 2026, with options to extend the maturity to January 2027. The Revolving Credit Facility had no outstanding balance as of September 30, 2022.

Mortgages [Member]

Schedule of long-term debt instruments

Mortgage notes payable consisted of the following (presented in thousands):

	September 30, 2022		December 31, 2021
Note payable in monthly installments of interest only at 3.60% per annum, with a balloon payment due January 2023	$	23,640	$	23,640
Note payable in monthly installments of interest only at 5.01% per annum, with a balloon payment due September 2023		4,622		4,622
Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026		3,741		4,373
Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029		42,250		—
Total principal		74,253		32,635
Unamortized debt issuance costs and assumed debt discount		(2,532)		(206)
Total	$	71,721	$	32,429

Senior Unsecured Notes [Member]

Schedule of maturities of long-term debt

The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of September 30, 2022, and December 31, 2021 (presented in thousands):

	All-in
	Interest Rate			Maturity	September 30, 2022		December 31, 2021
2025 Senior Unsecured Notes	4.16	%		May 2025	$	50,000	$	50,000
2027 Senior Unsecured Notes	4.26	%		May 2027		50,000		50,000
2028 Senior Unsecured Public Notes	2.11	%		June 2028		350,000		350,000
2028 Senior Unsecured Notes	4.42	%		July 2028		60,000		60,000
2029 Senior Unsecured Notes	4.19	%		September 2029		100,000		100,000
2030 Senior Unsecured Notes	4.32	%		September 2030		125,000		125,000
2030 Senior Unsecured Public Notes	3.49	%		October 2030		350,000		350,000
2031 Senior Unsecured Notes	4.42	%		October 2031		125,000		125,000
2032 Senior Unsecured Public Notes	3.96	%	(1)	October 2032		300,000		—
2033 Senior Unsecured Public Notes	2.13	%		June 2033		300,000		300,000
Total Principal						1,810,000		1,510,000
Unamortized debt issuance costs and original issue discount, net						(18,508)		(14,800)
Total					$	1,791,492	$	1,495,200

(1) All-in interest rate considers the straight-line amortization of the terminated swap agreements. Using the effective interest rate method to account for the impact of the terminated swap agreements results in an effective interest rate of 3.76%.