Debt (Tables)

3 Months Ended

Mar. 31, 2024

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


	March 31, 2024		December 31, 2023
Secured debt:
Fixed-rate property debt due May 2025 to January 2055 (1)	$	2,229,842	$	2,236,975


Debt issuance costs, net of accumulated amortization	(12,651)		(13,184)
Total non-recourse property debt, net	$	2,217,191	$	2,223,791

Unsecured debt:
Term loans due December 2024 to April 2026 (2)	$	475,000	$	475,000
Revolving credit facility borrowings due April 2025 (3)	260,000		115,000
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	1,135,000		990,000
Debt issuance costs, net of accumulated amortization	(3,142)		(3,447)
Total unsecured debt, net	$	1,131,858	$	986,553
Total indebtedness	$	3,349,049	$	3,210,344

(1)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 March 31, 2024, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.4%. During the three months ended March 31, 2024, we restructured and terminated certain interest rate swaps, economically hedging our entire $475 million term loan balance at an effective interest rate for 2024 of 3.5%. 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 March 31, 2024, the weighted-average remaining term of the term loans was 1.8 years.

(3)As of March 31, 2024, we had capacity to borrow up to $735.7 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% and a SOFR adjustment of 10-basis points based on our current credit rating. During the three months ended March 31, 2024, we entered into interest rate swaps economically hedging $200 million of our $260 million revolving credit facility borrowings at 4.9%. As of March 31, 2024, the weighted-average interest rate for the remaining $60 million outstanding on our revolving credit facility was 6.3%.