XML 33 R19.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Notes and Bonds Payable | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Notes and Bonds Payable | Notes and Bonds Payable
| DECEMBER 31, | MATURITY DATES | CONTRACTUAL INTEREST RATES | EFFECTIVE INTEREST RATES | PRINCIPAL PAYMENTS | INTEREST PAYMENTS
Dollars in thousands | 2023 | 2022
$1.5B Unsecured Credit Facility | — |  | 385,000 |  | 10/25 | SOFR + 0.95% | 6.24 | % | At maturity | Monthly
$350M Unsecured Term Loan 1 | 349,798 |  | 349,114 |  | 7/24 | SOFR + 1.05% | 6.30 | % | At maturity | Monthly
$200M Unsecured Term Loan 1 | 199,903 |  | 199,670 |  | 5/24 | SOFR + 1.05% | 6.30 | % | At maturity | Monthly
$150M Unsecured Term Loan 1 | 149,643 |  | 149,495 |  | 6/26 | SOFR + 1.05% | 6.30 | % | At maturity | Monthly
$300M Unsecured Term Loan 1 | 299,958 |  | 299,936 |  | 10/25 | SOFR + 1.05% | 6.30 | % | At maturity | Monthly
$200M Unsecured Term Loan 1 | 199,502 |  | 199,362 |  | 7/27 | SOFR + 1.05% | 6.30 | % | At maturity | Monthly
$300M Unsecured Term Loan 1 | 298,288 |  | 297,869 |  | 1/28 | SOFR + 1.05% | 6.30 | % | At maturity | Monthly
Senior Notes due 2025 1 | 249,484 |  | 249,115 |  | 5/25 | 3.88 | % | 4.12 | % | At maturity | Semi-annual
Senior Notes due 2026 1 | 579,017 |  | 571,587 |  | 8/26 | 3.50 | % | 4.94 | % | At maturity | Semi-annual
Senior Notes due 2027 1 | 483,727 |  | 479,553 |  | 7/27 | 3.75 | % | 4.76 | % | At maturity | Semi-annual
Senior Notes due 2028 1 | 297,429 |  | 296,852 |  | 1/28 | 3.63 | % | 3.85 | % | At maturity | Semi-annual
Senior Notes due 2030 1 | 575,443 |  | 565,402 |  | 2/30 | 3.10 | % | 5.30 | % | At maturity | Semi-annual
Senior Notes due 2030 1 | 296,780 |  | 296,385 |  | 3/30 | 2.40 | % | 2.72 | % | At maturity | Semi-annual
Senior Notes due 2031 1 | 295,832 |  | 295,547 |  | 3/31 | 2.05 | % | 2.25 | % | At maturity | Semi-annual
Senior Notes due 2031 1 | 649,521 |  | 632,693 |  | 3/31 | 2.00 | % | 5.13 | % | At maturity | Semi-annual
Mortgage notes payable 2 | 70,534 |  | 84,247 |  | 1/24-12/26 | 3.6%-4.77% | 3.57%-6.88% | Monthly | Monthly
| $ | 4,994,859 |  | $ | 5,351,827 |  |  |  |  |  |
1 Balances are shown net of discounts and unamortized issuance costs. 2 Balances are shown net of discounts and unamortized issuance costs and include premiums. The Company’s various debt agreements contain certain representations, warranties, and financial and other covenants customary in such loan agreements. Among other things, these provisions require the Company to maintain certain financial ratios and impose certain limits on the Company’s ability to incur indebtedness and create liens or encumbrances. As of December 31, 2023, the Company was in compliance with its financial covenant provisions under its various debt instruments. Senior Notes The following table reconciles the Company’s aggregate Senior notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022.
| DECEMBER 31,
Dollars in thousands | 2023 | 2022
Senior notes principal balance | $ | 3,699,285 |  | $ | 3,699,500 |
Unaccreted discount | (265,852) |  | (304,919) |
Debt issuance costs | (6,200) |  | (7,447) |
Senior notes carrying amount | $ | 3,427,233 |  | $ | 3,387,134 |
Term Loans The following table reconciles the Company’s aggregate term loan principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022.
| DECEMBER 31,
Dollars in thousands | 2023 | 2022
Term loan principal balances | $ | 1,500,000 |  | $ | 1,500,000 |
Debt issuance costs | (2,908) |  | (4,554) |
Term Loans carrying amount | $ | 1,497,092 |  | $ | 1,495,446 |
Mortgage Notes Payable The following table reconciles the Company’s aggregate mortgage notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022.
| DECEMBER 31,
Dollars in thousands | 2023 | 2022
Mortgage notes payable principal balance | $ | 70,752 |  | $ | 84,122 |
Unamortized premium | 285 |  | 486 |
Unaccreted discount | (237) |  | (38) |
Debt issuance costs | (266) |  | (323) |
Mortgage notes payable carrying amount | $ | 70,534 |  | $ | 84,247 |
Mortgage Activity On July 28, 2023, the Company assumed a mortgage note payable of $5.6 million in connection with the acquisition of a 42,770 square foot property in Colorado Springs, Colorado. The note bears interest at a rate of 4.5% per annum and matures on April 1, 2026. On August 1, 2023, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 3.31% per annum with an outstanding principal of $9.8 million. The mortgage note encumbered a 66,984 square foot property in Marietta, Georgia. On December 1, 2023, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.51% per annum with an outstanding principal of $6.6 million. The mortgage note encumbered a 93,992 square foot property in Lakewood, Colorado. Subsequent Changes in Debt Structure On January 6, 2024, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.77% per annum with an outstanding principal of $11.3 million. The mortgage note encumbered a 63,012 square foot property in California. On February 1, 2024, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.12% per annum with an outstanding principal of $5.6 million. T he mortgage note encumbered a 40,324 squ are foot property in Georgia. The following table details the Company’s mortgage notes payable, with related collateral.
| ORIGINAL BALANCE | EFFECTIVE INTEREST RATE 9 | MATURITY DATE | COLLATERAL 10 | PRINCIPAL AND INTEREST PAYMENTS 8 | INVESTMENT IN COLLATERAL at December 31, | BALANCE at December 31,
Dollars in millions | 2023 | 2023 | 2022
Life Insurance Co. 1 | 12.3 |  | 3.86 | % | 8/23 | MOB | Monthly/7-yr amort. | — |  | — |  | 10.0 |
Life Insurance Co. 2 | 9.0 |  | 4.84 | % | 12/23 | MOB,OFC | Monthly/10-yr amort. | — |  | — |  | 6.8 |
Life Insurance Co. 3 | 13.3 |  | 4.13 | % | 1/24 | MOB | Monthly/10-yr amort. | 24.4 |  | 11.3 |  | 11.7 |
Life Insurance Co. 4 | 6.8 |  | 3.96 | % | 2/24 | MOB | Monthly/7-yr amort. | 12.6 |  | 5.6 |  | 5.8 |
Financial Services 5 | 9.7 |  | 4.32 | % | 9/24 | MOB | Monthly/10-yr amort. | 16.9 |  | 7.2 |  | 7.5 |
Life Insurance Co. 6 | 16.5 |  | 3.43 | % | 12/25 | MOB,OFC | Monthly/7-yr amort. | 49.2 |  | 15.9 |  | 16.2 |
Financial Services | 11.5 |  | 3.71 | % | 1/26 | MOB | Monthly/10-yr amort. | 41.7 |  | 7.8 |  | 8.3 |
Life Insurance Co. 7 | 6.0 |  | 6.88 | % | 4/26 | MOB | Monthly/7-yr amort. | 11.6 |  | 5.2 |  | — |
Life Insurance Co. | 19.2 |  | 4.08 | % | 12/26 | MOB | Monthly/10-yr amort. | 45.7 |  | 17.5 |  | 17.9 |
|  |  |  |  |  | $ | 202.1 |  | $ | 70.5 |  | $ | 84.2 |
1 The Company repaid this loan in August 2023. The Company's unencumbered gross investment was $26.0 million at December 31, 2023. 2 The Company repaid this loan in December 2023. The Company's unencumbered gross investment was $24.5 million at December 31, 2023. 3 The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above. 4 The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. 5 The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above. 6 The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above. 7 The unaccreted portion of the $0.3 million discount recorded on this note upon acquisition is included in the balance above. 8 Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted). 9 The contractual interest rates for the seven outstanding mortgage notes ranged from 3.6% to 4.8% as of December 31, 2023. 10 MOB-Medical office building; OFC-Office Other Long-Term Debt Information Future maturities of the Company’s notes and bonds payable as of December 31, 2023, were as follows:
Dollars in thousands | PRINCIPAL MATURITIES | NET ACCRETION/ AMORTIZATION 1 | DEBT ISSUANCE COSTS 2 | NOTES AND BONDS PAYABLE | %
2024 | $ | 575,473 |  | $ | (41,050) |  | $ | (2,438) |  | $ | 531,985 |  | 10.7 | %
2025 | 566,375 |  | (43,163) |  | (1,916) |  | 521,296 |  | 10.4 | %
2026 | 778,904 |  | (41,837) |  | (1,650) |  | 735,417 |  | 14.7 | %
2027 | 700,000 |  | (36,192) |  | (1,519) |  | 662,289 |  | 13.3 | %
2028 | 600,000 |  | (35,179) |  | (707) |  | 564,114 |  | 11.3 | %
2029 and thereafter | 2,049,285 |  | (68,382) |  | (1,145) |  | 1,979,758 |  | 39.6 | %
| $ | 5,270,037 |  | $ | (265,803) |  | $ | (9,375) |  | $ | 4,994,859 |  | 100.0 | %
1 Includes discount accretion and premium amortization related to the Company’s Senior Notes and four mortgage notes payable. 2 Excludes approximate ly $3.9 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration