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MORTGAGE AND OTHER INDEBTEDNESS (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Indebtedness
The Company has the following types of indebtedness:
December 31,
20212020
Mortgages payable$392,590 $351,076 
Senior unsecured notes1,924,635 550,000 
Unsecured term loans720,000 250,000 
Revolving line of credit55,000 25,000 
3,092,225 1,176,076 
Unamortized discounts and premiums, net69,425 1,732 
Unamortized debt issuance costs, net(10,842)(7,014)
Total mortgage and other indebtedness, net$3,150,808 $1,170,794 
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes:
December 31, 2021December 31, 2020
($ in thousands)Maturity DateBalanceInterest RateBalanceInterest Rate
Senior notes – 4.23% due 2023
September 10, 2023$95,000 4.23 %$95,000 4.23 %
Senior notes – 4.58% due 20241
June 30, 2024149,635 4.58 %— — %
Senior notes – 4.00% due 20252
March 15, 2025350,000 4.00 %— — %
Senior notes – LIBOR + 3.65% due 20253
September 10, 202580,000 3.75 %80,000 4.47 %
Senior notes – 4.08% due 20261
September 30, 2026100,000 4.08 %— — %
Senior notes – 4.00% due 2026
October 1, 2026300,000 4.00 %300,000 4.00 %
Senior exchangeable notes – 0.75% due 2027
April 1, 2027175,000 0.75 %— — %
Senior notes – LIBOR + 3.75% due 20274
September 10, 202775,000 3.85 %75,000 4.57 %
Senior notes – 4.24% due 20281
December 28, 2028100,000 4.24 %— — %
Senior notes – 4.82% due 20291
June 28, 2029100,000 4.82 %— — %
Senior notes – 4.75% due 20302
September 15, 2030400,000 4.75 %— — %
Total senior unsecured notes$1,924,635 $550,000 
1Private placement notes assumed in connection with the Merger.
2Publicly 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$75,000 of 4.57% senior unsecured notes has been swapped to a variable rate of LIBOR plus 3.75% through September 10, 2025.
Unsecured Term Loans and Revolving Line of Credit
The following table summarizes the Company’s term loans and revolving line of credit:
December 31, 2021December 31, 2020
($ in thousands)Maturity DateBalanceInterest RateBalanceInterest Rate
Unsecured term loan due 2023 – fixed rate1,2
November 22, 2023$200,000 4.10 %$— — %
Unsecured term loan due 2024 – fixed rate1,3
July 17, 2024120,000 2.88 %— — %
Unsecured term loan due 2025 – fixed rate4,6
October 24, 2025250,000 5.09 %250,000 2.14 %
Unsecured term loan due 2026 – fixed rate1,5
July 17, 2026150,000 2.97 %— — %
Total unsecured term loans$720,000 $250,000 
Unsecured credit facility revolving line of credit –
variable rate1,7
January 8, 2026$55,000 1.20 %$25,000 1.29 %
1Unsecured 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.
6The 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.
7The 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 LoansMaturity DateLeverage-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		RatioWeighted Average
Interest Rate		Weighted
Average Maturity
(in years)
Fixed rate debt1
$2,853,212 92 %4.00 %4.6
Variable rate debt2
239,013 8 %3.01 %4.2
Debt discounts, premiums and issuance costs, net58,583 N/AN/AN/A
Total$3,150,808 100 %3.92 %4.6
1Fixed 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.
2Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of December 31, 2021, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 3.7 years.
Schedule of Mortgages Payable
The following table summarizes the Company’s mortgages payable:
December 31, 2021December 31, 2020
($ in thousands)BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity		BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity
Fixed rate mortgages payable1
$363,577 4.13 %1.7$295,966 4.12 %2.1
Variable rate mortgage payable2
29,013 1.70 %0.155,110 1.74 %1.1
Total mortgages payable$392,590 $351,076 
1The 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.
2The 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 PricingInvestment Grade Pricing
Credit AgreementMaturity DateExtension OptionExtension FeeCredit SpreadFacility FeeCredit SpreadFacility 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)202120202019
Amortization of deferred leasing costs, lease intangibles and other$45,423 $13,916 $14,239 
Amortization of above-market lease intangibles3,483 999 1,200 
The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income:
Year ended December 31,
($ in thousands)202120202019
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 DebtTotal
2022$3,674 $153,500 $— $157,174 
20232,600 191,605 295,000 489,205 
20242,721 — 269,635 272,356 
20252,848 — 430,000 432,848 
20262,981 — 605,000 607,981 
Thereafter30,181 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