| Schedule of debt |
The Company's outstanding debt as of December 31, 2022 and 2021 is summarized as follows (dollars in thousands):
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December 31, |
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Interest Rate(1)
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2022 |
|
2021 |
Credit Facility: |
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| Revolving line of credit |
5.69% |
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$ |
496,000 |
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$ |
490,000 |
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| Term loan A |
3.74% |
|
125,000 |
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|
125,000 |
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| Term loan B |
2.94% |
|
250,000 |
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|
250,000 |
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| Term loan C |
2.91% |
|
225,000 |
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|
225,000 |
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| Term loan D |
3.12% |
|
175,000 |
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|
175,000 |
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| Term loan E |
5.59% |
|
125,000 |
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|
125,000 |
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| 2023 Term loan facility |
2.83% |
|
175,000 |
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|
175,000 |
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| 2028 Term loan facility |
4.62% |
|
75,000 |
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|
75,000 |
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| April 2029 term loan facility |
4.27% |
|
100,000 |
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|
100,000 |
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| June 2029 term loan facility |
5.37% |
|
285,000 |
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— |
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| 2026 Senior Unsecured Notes |
2.16% |
|
35,000 |
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|
35,000 |
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| 2029 Senior Unsecured Notes |
3.98% |
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100,000 |
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100,000 |
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| August 2030 Senior Unsecured Notes |
2.99% |
|
150,000 |
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150,000 |
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| November 2030 Senior Unsecured Notes |
2.72% |
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75,000 |
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|
75,000 |
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| May 2031 Senior Unsecured Notes |
3.00% |
|
90,000 |
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|
90,000 |
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| August 2031 Senior Unsecured Notes |
4.08% |
|
50,000 |
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|
50,000 |
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| November 2031 Senior Unsecured Notes |
2.81% |
|
175,000 |
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|
175,000 |
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| August 2032 Senior Unsecured Notes |
3.09% |
|
100,000 |
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|
100,000 |
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| November 2032 Senior Unsecured Notes |
5.06% |
|
200,000 |
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— |
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| May 2033 Senior Unsecured Notes |
3.10% |
|
55,000 |
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|
55,000 |
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| November 2033 Senior Unsecured Notes |
2.96% |
|
125,000 |
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— |
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| 2036 Senior Unsecured Notes |
3.06% |
|
75,000 |
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|
75,000 |
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| Fixed rate mortgages payable |
3.82% |
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299,570 |
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303,944 |
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| Total principal |
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3,560,570 |
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|
2,948,944 |
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Unamortized debt issuance costs and debt premium, net |
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(9,391) |
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(8,013) |
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| Total debt |
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$ |
3,551,179 |
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$ |
2,940,931 |
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(1)Represents the effective interest rate as of December 31, 2022. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings.
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| Schedule of future debt maturities |
Based on existing debt agreements in effect as of December 31, 2022, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (in thousands):
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| Year Ending December 31, |
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Scheduled Principal and Maturity Payments |
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Premium Amortization and Unamortized Debt Issuance Costs |
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Total |
| 2023 |
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$ |
376,813 |
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$ |
(2,343) |
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$ |
374,470 |
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| 2024 |
|
767,964 |
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(1,958) |
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|
766,006 |
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| 2025 |
|
227,185 |
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(1,382) |
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|
225,803 |
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| 2026 |
|
212,322 |
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(1,219) |
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|
211,103 |
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| 2027 |
|
87,369 |
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(884) |
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|
86,485 |
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| Thereafter |
|
1,888,917 |
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(1,605) |
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|
1,887,312 |
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$ |
3,560,570 |
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$ |
(9,391) |
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$ |
3,551,179 |
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