Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt summmary

The following table summarizes our total indebtedness (in thousands):

	June 30, 2023		December 31, 2022
Secured debt:
Fixed-rate property debt due May 2025 to January 2055 (1)	$	2,211,002	$	1,906,151
Variable-rate property debt	—		88,500
Total non-recourse property debt	2,211,002		1,994,651
Debt issuance costs, net of accumulated amortization	(13,565)		(9,221)
Total non-recourse property debt, net	$	2,197,437	$	1,985,430
Unsecured debt:
Term loans due December 2023 to April 2026 (2)	$	800,000	$	800,000
Revolving credit facility borrowings due April 2025 (3)	292,000		462,000
4.58% Notes payable due June 2027	100,000		100,000
4.77% Notes payable due June 2029	100,000		100,000
4.84% Notes payable due June 2032	200,000		200,000
Total unsecured debt	1,492,000		1,662,000
Debt issuance costs, net of accumulated amortization	(4,860)		(5,801)
Total unsecured debt, net	$	1,487,140	$	1,656,199
Total indebtedness	$	3,684,577	$	3,641,629

(1)In the first quarter of 2023, AIR borrowed $320 million using 10-year fixed rate financing, bearing interest at 4.9%. Proceeds were used to refinance a floating rate loan and reduce borrowings by $230 million on our revolving credit facility. The stated rates on our fixed-rate property debt are between 2.4% to 5.7%.

(2)The term loans bear interest at a one-month Term Secured Overnight Financing Rate (“SOFR”) plus 1.00% and a SOFR adjustment of 10-basis points, based on our current credit rating. As of June 30, 2023, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.2%. The term loans mature on the following schedule: $150 million mature on December 15, 2023, with two one-year extension options; $300 million mature on December 15, 2024, with a one-year extension option; $150 million mature on December 15, 2025; and $200 million mature on April 14, 2026. As of June 30, 2023, the weighted-average remaining term of the term loans was 2.5 years. Refer to Note 9 for additional discussion regarding the purpose of these transactions. Subsequent to the closing of the Core JV, our floating rate debt, after consideration of our interest rate swaps, is $125 million, or 4% of total leverage.

(3)As of June 30, 2023, we had capacity to borrow up to $703.7 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a one-month Term SOFR plus 0.89%, based on our current credit rating, and a SOFR adjustment of 10-basis points. As of June 30, 2023, the weighted-average interest rate for our revolving credit facility was 6.1%