Debt (Tables)

9 Months Ended

Sep. 30, 2023

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


	September 30, 2023		December 31, 2022
Secured debt:
Fixed-rate property debt due May 2025 to January 2055 (1)	$	2,244,776	$	1,906,151
Variable-rate property debt	—		88,500
Total non-recourse property debt	2,244,776		1,994,651
Debt issuance costs, net of accumulated amortization	(13,538)		(9,221)
Total non-recourse property debt, net	$	2,231,238	$	1,985,430

Unsecured debt:
Term loans due December 2024 to April 2026 (2)	$	475,000	$	800,000
Revolving credit facility borrowings due April 2025 (3)	25,750		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	900,750		1,662,000
Debt issuance costs, net of accumulated amortization	(3,754)		(5,801)
Total unsecured debt, net	$	896,996	$	1,656,199
Total indebtedness	$	3,128,234	$	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 2.7% 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 September 30, 2023, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.4%. As of September 30, 2023, $350 million of our term loans are fixed via interest rate swaps at a weighted-average interest rate of 4.3%. The blended weighted-average interest rate for our $475 million term loans, after consideration of in place interest rate swaps, is 4.9%. The term loans mature on the following schedule: $125 million matures on December 15, 2024, with a one-year extension option; $150 million matures on December 15, 2025; and $200 million matures on April 14, 2026. As of September 30, 2023, the weighted-average remaining term of the term loans was 2.3 years.

(3)As of September 30, 2023, we had capacity to borrow up to $970.0 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 September 30, 2023, the weighted-average interest rate for our revolving credit facility was 6.3%.