Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt consists of the following ($ in thousands):


	March 31, 2024			December 31, 2023			Weighted Average Maturity In Years as of March 31, 2024

Term loan - variable rate, net	$	298,649		$	298,552		3.6
Bonds public offering - fixed rate, net (1)	5,367,955			5,019,979			7.1
Unsecured debt, net (2)	5,666,604			5,318,531
Lines of credit (3)	—			—
Mortgage notes payable, net (4)	886,388			887,204			7.6
Total debt, net	$	6,552,992		$	6,205,735
Weighted average interest rate on fixed rate unsecured bonds public offering	3.4		%	3.3		%
Weighted average interest rate on variable rate term loan	4.2		%	4.2		%
Weighted average interest rate on lines of credit	6.3		%	6.3		%
Weighted average interest rate on mortgage notes payable	4.3		%	4.3		%

(1) In March 2024, the Operating Partnership issued $350.0 million of senior unsecured notes due on April 1, 2034 with a coupon rate of 5.500% per annum, which are payable on April 1 and October 1 of each year, beginning on October 1, 2024. The 2034 Notes were offered to investors at a price of 99.752% of par value.

(2) Unsecured debt, net, consists of fixed rate public bond offerings and variable rate term loan which includes unamortized discount, net of premiums, of $6.6 million and $6.1 million and unamortized debt issuance costs of $26.8 million and $25.3 million, as of March 31, 2024 and December 31, 2023, respectively.

(3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of March 31, 2024, excludes unamortized debt issuance costs of $3.5 million and $3.8 million as of March 31, 2024 and December 31, 2023, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of March 31, 2024, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of January 2027 with two six-month extensions, exercisable at the Company’s option. As of March 31, 2024, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of July 2024.

(4) Includes total unamortized premium, net of discounts of $0.3 million and $0.5 million, reduced by unamortized debt issuance costs of $3.0 million and $3.1 million, as of March 31, 2024 and December 31, 2023, respectively.

Schedule of Aggregate Scheduled Principal Payments

The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of March 31, 2024 are as follows ($ in thousands):


2024	$	402,347
2025	633,054
2026	549,405
2027	803,955
2028	518,332
Thereafter	3,681,937
Total	$	6,589,030