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MORTGAGE AND OTHER INDEBTEDNESS (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Indebtedness | The Company has the following types of indebtedness:
| December 31,
| 2021 |  | 2020
Mortgages payable | $ | 392,590 |  |  | $ | 351,076 |
Senior unsecured notes | 1,924,635 |  |  | 550,000 |
Unsecured term loans | 720,000 |  |  | 250,000 |
Revolving line of credit | 55,000 |  |  | 25,000 |
| 3,092,225 |  |  | 1,176,076 |
Unamortized discounts and premiums, net | 69,425 |  |  | 1,732 |
Unamortized debt issuance costs, net | (10,842) |  |  | (7,014) |
Total mortgage and other indebtedness, net | $ | 3,150,808 |  |  | $ | 1,170,794 |
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes:
|  |  | December 31, 2021 |  | December 31, 2020
($ in thousands) | Maturity Date |  | Balance |  | Interest Rate |  | Balance |  | Interest Rate
Senior notes – 4.23% due 2023 | September 10, 2023 |  | $ | 95,000 |  |  | 4.23 | % |  | $ | 95,000 |  |  | 4.23 | %
Senior notes – 4.58% due 2024 1 | June 30, 2024 |  | 149,635 |  |  | 4.58 | % |  | — |  |  | — | %
Senior notes – 4.00% due 2025 2 | March 15, 2025 |  | 350,000 |  |  | 4.00 | % |  | — |  |  | — | %
Senior notes – LIBOR + 3.65% due 2025 3 | September 10, 2025 |  | 80,000 |  |  | 3.75 | % |  | 80,000 |  |  | 4.47 | %
Senior notes – 4.08% due 2026 1 | September 30, 2026 |  | 100,000 |  |  | 4.08 | % |  | — |  |  | — | %
Senior notes – 4.00% due 2026 | October 1, 2026 |  | 300,000 |  |  | 4.00 | % |  | 300,000 |  |  | 4.00 | %
Senior exchangeable notes – 0.75% due 2027 | April 1, 2027 |  | 175,000 |  |  | 0.75 | % |  | — |  |  | — | %
Senior notes – LIBOR + 3.75% due 2027 4 | September 10, 2027 |  | 75,000 |  |  | 3.85 | % |  | 75,000 |  |  | 4.57 | %
Senior notes – 4.24% due 2028 1 | December 28, 2028 |  | 100,000 |  |  | 4.24 | % |  | — |  |  | — | %
Senior notes – 4.82% due 2029 1 | June 28, 2029 |  | 100,000 |  |  | 4.82 | % |  | — |  |  | — | %
Senior notes – 4.75% due 2030 2 | September 15, 2030 |  | 400,000 |  |  | 4.75 | % |  | — |  |  | — | %
Total senior unsecured notes |  |  | $ | 1,924,635 |  |  |  |  | $ | 550,000 |  |  |
1 Private placement notes assumed in connection with the Merger. 2 Publicly placed notes assumed in connection with the Merger. 3$80,000 of 4.47% senior unsecured notes has been swapped to a variable rate of LIBOR plus 3.65% through September 10, 2025. 4$75,000 of 4.57% senior unsecured notes has been swapped to a variable rate of LIBOR plus 3.75% through September 10, 2025. Unsecured Term Loans and Revolving Line of Credit The following table summarizes the Company’s term loans and revolving line of credit:
|  |  | December 31, 2021 |  | December 31, 2020
($ in thousands) | Maturity Date |  | Balance |  | Interest Rate |  | Balance |  | Interest Rate
Unsecured term loan due 2023 – fixed rate 1,2 | November 22, 2023 |  | $ | 200,000 |  |  | 4.10 | % |  | $ | — |  |  | — | %
Unsecured term loan due 2024 – fixed rate 1,3 | July 17, 2024 |  | 120,000 |  |  | 2.88 | % |  | — |  |  | — | %
Unsecured term loan due 2025 – fixed rate 4,6 | October 24, 2025 |  | 250,000 |  |  | 5.09 | % |  | 250,000 |  |  | 2.14 | %
Unsecured term loan due 2026 – fixed rate 1,5 | July 17, 2026 |  | 150,000 |  |  | 2.97 | % |  | — |  |  | — | %
Total unsecured term loans |  |  | $ | 720,000 |  |  |  |  | $ | 250,000 |  |  |
Unsecured credit facility revolving line of credit – variable rate 1,7 | January 8, 2026 |  | $ | 55,000 |  |  | 1.20 | % |  | $ | 25,000 |  |  | 1.29 | %
1 Unsecured term loans and revolving line of credit assumed in connection with the Merger. 2$200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.25% as of December 31, 2021. 3$120,000 of LIBOR-based variable rate debt has been swapped to a fixed rate 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of December 31, 2021. 4$250,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 5.09% through October 24, 2025. 5$150,000 of LIBOR-based variable rate debt has been swapped to a fixed rate 1.77% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2026. The applicable credit spread was 1.20% as of December 31, 2021. 6 The maturity date of the term loan may be extended for up to three additional periods of one year at the Operating Partnership’s option, subject to certain conditions. 7 The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity. The following table summarizes the key terms of the Unsecured Term Loans assumed:
Unsecured Term Loans |  | Maturity Date |  | Leverage-Based Pricing Credit Spread |  | Investment Grade Pricing Credit Spread
$200,000 unsecured term loan due 2023 |  | 11/22/2023 |  | 1.20% – 1.85% |  | 0.85% – 1.65%
$120,000 unsecured term loan due 2024 |  | 7/17/2024 |  | 1.20% – 1.70% |  | 0.80% – 1.65%
$150,000 unsecured term loan due 2026 |  | 7/17/2026 |  | 1.20% – 1.70% |  | 0.75% – 1.60%
Schedule of Weighted Average Maturities and Interest Rates | Consolidated indebtedness, including weighted average maturities and weighted average interest rates as of December 31, 2021, considering the impact of interest rate swaps, is summarized below:
| Amount Outstanding |  | Ratio |  | Weighted Average Interest Rate |  | Weighted Average Maturity (in years)
Fixed rate debt 1 | $ | 2,853,212 |  |  | 92 | % |  | 4.00 | % |  | 4.6
Variable rate debt 2 | 239,013 |  |  | 8 | % |  | 3.01 | % |  | 4.2
Debt discounts, premiums and issuance costs, net | 58,583 |  |  | N/A |  | N/A |  | N/A
Total | $ | 3,150,808 |  |  | 100 | % |  | 3.92 | % |  | 4.6
1 Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of December 31, 2021, $720.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 3.2 years. 2 Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of December 31, 2021, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 3.7 years.
Schedule of Mortgages Payable | The following table summarizes the Company’s mortgages payable:
| December 31, 2021 |  | December 31, 2020
($ in thousands) | Balance |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity |  | Balance |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate mortgages payable 1 | $ | 363,577 |  |  | 4.13 | % |  | 1.7 |  | $ | 295,966 |  |  | 4.12 | % |  | 2.1
Variable rate mortgage payable 2 | 29,013 |  |  | 1.70 | % |  | 0.1 |  | 55,110 |  |  | 1.74 | % |  | 1.1
Total mortgages payable | $ | 392,590 |  |  |  |  |  |  | $ | 351,076 |  |  |  |  |
1 The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% and 3.78% to 5.73% as of December 31, 2021 and 2020, respectively. 2 The interest rate on the variable rate mortgage is based on LIBOR plus 160 basis points. The one-month LIBOR rate was 0.10% and 0.14% as of December 31, 2021 and 2020, respectively.
Schedule of Line of Credit Facilities | The following table summarizes the key terms of the Revolving Facility:
|  |  |  |  |  |  |  | Leverage-Based Pricing |  | Investment Grade Pricing
Credit Agreement |  | Maturity Date |  | Extension Option |  | Extension Fee |  | Credit Spread | Facility Fee |  | Credit Spread | Facility Fee
$850,000 unsecured revolving line of credit |  | 1/8/2026 |  | 2 six-month |  | 0.075% |  | 1.05%–1.50% | 0.15%–0.30% |  | 0.725%–1.40% | 0.125%–0.30%
Deferred Cost Amortization | The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows:
| Year ended December 31,
($ in thousands) | 2021 |  | 2020 |  | 2019
Amortization of deferred leasing costs, lease intangibles and other | $ | 45,423 |  |  | $ | 13,916 |  |  | $ | 14,239 |
Amortization of above-market lease intangibles | 3,483 |  |  | 999 |  |  | 1,200 |
The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income:
| Year ended December 31,
($ in thousands) | 2021 |  | 2020 |  | 2019
Amortization of debt issuance costs | $ | 2,681 |  |  | $ | 2,135 |  |  | $ | 2,762 |
Schedule of Maturities of Long-term Debt | The following table presents maturities of mortgage debt and corporate debt as of December 31, 2021:
| Secured Debt |  |  |  |
($ in thousands) | Scheduled Principal Payments |  | Term Maturities |  | Unsecured Debt |  | Total
2022 | $ | 3,674 |  |  | $ | 153,500 |  |  | $ | — |  |  | $ | 157,174 |
2023 | 2,600 |  |  | 191,605 |  |  | 295,000 |  |  | 489,205 |
2024 | 2,721 |  |  | — |  |  | 269,635 |  |  | 272,356 |
2025 | 2,848 |  |  | — |  |  | 430,000 |  |  | 432,848 |
2026 | 2,981 |  |  | — |  |  | 605,000 |  |  | 607,981 |
Thereafter | 30,181 |  |  | 2,480 |  |  | 1,100,000 |  |  | 1,132,661 |
| $ | 45,005 |  |  | $ | 347,585 |  |  | $ | 2,699,635 |  |  | $ | 3,092,225 |
Debt discounts, premiums and issuance costs, net |  |  |  |  |  | 58,583 |
Total |  |  |  |  |  |  | $ | 3,150,808 |

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