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v3.23.2

Indebtedness (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Summary of Indebtedness | The following table discloses certain information regarding our indebtedness:
| Outstanding Balance at |  | Interest Rate at June 30, 2023 |  | Effective Interest Rate at Issuance |  | Maturity Date |
| June 30, 2023 |  | December 31, 2022 |  |
Mortgage Loan Payable | $ | 10,140 |  |  | $ | 10,299 |  |  | 4.17% |  | 4.17% |  | 8/1/2028 |
Senior Unsecured Notes, Gross |  |  |  |  |  |  |  |  |  |
2027 Notes | 6,070 |  |  | 6,070 |  |  | 7.15% |  | 7.11% |  | 5/15/2027 |
2028 Notes | 31,901 |  |  | 31,901 |  |  | 7.60% |  | 8.13% |  | 7/15/2028 |
2032 Notes | 10,600 |  |  | 10,600 |  |  | 7.75% |  | 7.87% |  | 4/15/2032 |
2027 Private Placement Notes | 125,000 |  |  | 125,000 |  |  | 4.30% |  | 4.30% |  | 4/20/2027 |
2028 Private Placement Notes | 150,000 |  |  | 150,000 |  |  | 3.86% |  | 3.86% |  | 2/15/2028 |
2029 Private Placement Notes | 75,000 |  |  | 75,000 |  |  | 4.40% |  | 4.40% |  | 4/20/2029 |
2029 II Private Placement Notes | 150,000 |  |  | 150,000 |  |  | 3.97% |  | 4.23% |  | 7/23/2029 |
2030 Private Placement Notes | 150,000 |  |  | 150,000 |  |  | 3.96% |  | 3.96% |  | 2/15/2030 |
2030 II Private Placement Notes | 100,000 |  |  | 100,000 |  |  | 2.74% |  | 2.74% |  | 9/17/2030 |
2032 Private Placement Notes | 200,000 |  |  | 200,000 |  |  | 2.84% |  | 2.84% |  | 9/17/2032 |
Subtotal | $ | 998,571 |  |  | $ | 998,571 |  |  |  |  |  |  |  |
Unamortized Debt Issuance Costs | (4,419) |  |  | (4,777) |  |  |  |  |  |  |  |
Unamortized Discounts | (49) |  |  | (52) |  |  |  |  |  |  |  |
Senior Unsecured Notes, Net | $ | 994,103 |  |  | $ | 993,742 |  |  |  |  |  |  |  |
Unsecured Term Loans, Gross |  |  |  |  |  |  |  |  |  |
2021 Unsecured Term Loan (A) | 200,000 |  |  | 200,000 |  |  | 1.84% |  | N/A |  | 7/7/2026 |
2022 Unsecured Term Loan (A) | 425,000 |  |  | 425,000 |  |  | 3.64% |  | N/A |  | 10/18/2027 |
2022 Unsecured Term Loan II (A)(B) | 300,000 |  |  | 300,000 |  |  | 4.88% |  | N/A |  | 8/12/2025 |
Subtotal | $ | 925,000 |  |  | $ | 925,000 |  |  |  |  |  |  |  |
Unamortized Debt Issuance Costs | (4,939) |  |  | (5,740) |  |  |  |  |  |  |  |
Unsecured Term Loans, Net | $ | 920,061 |  |  | $ | 919,260 |  |  |  |  |  |  |  |
Unsecured Credit Facility (C) | $ | 258,000 |  |  | $ | 143,000 |  |  | 5.97% |  | N/A |  | 7/7/2025 |
_______________ (A) The interest rate at June 30, 2023 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 10. (B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions. (C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $2,638 and $3,285 as of June 30, 2023 and December 31, 2022, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.
Schedule of Maturities | The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts and debt issuance costs, for the next five years as of June 30, and thereafter:
| Amount
Remainder of 2023 | $ | 161 |
2024 | 335 |
2025 | 558,349 |
2026 | 200,364 |
2027 | 556,449 |
Thereafter | 876,053 |
Total | $ | 2,191,711 |
Summary of Indebtedness at Estimated Fair Value | At June 30, 2023 and December 31, 2022, the fair value of our indebtedness was as follows:
| June 30, 2023 |  | December 31, 2022
| Carrying Amount (A) |  | Fair Value |  | Carrying Amount (A) |  | Fair Value
Mortgage Loan Payable | $ | 10,140 |  |  | $ | 9,574 |  |  | $ | 10,299 |  |  | $ | 9,765 |
Senior Unsecured Notes, Net | 998,522 |  |  | 873,645 |  |  | 998,519 |  |  | 883,444 |
Unsecured Term Loans | 925,000 |  |  | 925,000 |  |  | 925,000 |  |  | 909,187 |
Unsecured Credit Facility | 258,000 |  |  | 258,000 |  |  | 143,000 |  |  | 143,000 |
Total | $ | 2,191,662 |  |  | $ | 2,066,219 |  |  | $ | 2,076,818 |  |  | $ | 1,945,396 |
_______________ (A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

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