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MORTGAGE AND OTHER INDEBTEDNESS (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedules of Indebtedness
The following table summarizes the Company’s indebtedness as of June 30, 2022 and December 31, 2021:
($ in thousands)June 30, 2022December 31, 2021
Mortgages payable$311,818 $392,590 
Senior unsecured notes1,924,635 1,924,635 
Unsecured term loans720,000 720,000 
Revolving line of credit— 55,000 
2,956,453 3,092,225 
Unamortized discounts and premiums, net54,379 69,425 
Unamortized debt issuance costs, net(9,662)(10,842)
Total mortgage and other indebtedness, net$3,001,170 $3,150,808 
The following table summarizes the Company’s mortgages payable:
June 30, 2022December 31, 2021
($ in thousands)BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity		BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity
Fixed rate mortgages payable(1)
$283,165 4.04 %1.5$363,577 4.13 %1.7
Variable rate mortgage payable(2)
28,653 3.21 %1.129,013 1.70 %0.1
Total mortgages payable$311,818 $392,590 
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of June 30, 2022 and December 31, 2021.
(2)On April 1, 2022, the interest rate on the variable rate mortgage switched to the Bloomberg Short Term Bank Yield Index (“BSBY”) plus 160 basis points from LIBOR plus 160 basis points. The one-month BSBY rate was 1.61% as of June 30, 2022. The one-month LIBOR rate was 0.10% as of December 31, 2021.
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes:
June 30, 2022December 31, 2021
($ 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 2024(1)
June 30, 2024149,635 4.58 %149,635 4.58 %
Senior notes – 4.00% due 2025(2)
March 15, 2025350,000 4.00 %350,000 4.00 %
Senior notes – LIBOR + 3.65% due 2025(3)
September 10, 202580,000 5.94 %80,000 3.86 %
Senior notes – 4.08% due 2026(1)
September 30, 2026100,000 4.08 %100,000 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 %175,000 0.75 %
Senior notes – LIBOR + 3.75% due 2027(4)
September 10, 202775,000 6.04 %75,000 3.96 %
Senior notes – 4.24% due 2028(1)
December 28, 2028100,000 4.24 %100,000 4.24 %
Senior notes – 4.82% due 2029(1)
June 28, 2029100,000 4.82 %100,000 4.82 %
Senior notes – 4.75% due 2030(2)
September 15, 2030400,000 4.75 %400,000 4.75 %
Total senior unsecured notes$1,924,635 $1,924,635 
(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 three-month LIBOR plus 3.65% through September 10, 2025.
(4)$75,000 of 4.57% senior unsecured notes has been swapped to a variable rate of three-month LIBOR plus 3.75% through September 10, 2025.
The following table summarizes the Company’s term loans and revolving line of credit:
June 30, 2022December 31, 2021
($ in thousands)Maturity DateBalanceInterest RateBalanceInterest Rate
Unsecured term loan due 2023 – fixed rate(1)(2)
November 22, 2023$200,000 4.10 %$200,000 4.10 %
Unsecured term loan due 2024 – fixed rate(1)(3)
July 17, 2024120,000 2.88 %120,000 2.88 %
Unsecured term loan due 2025 – fixed rate(4)(5)
October 24, 2025250,000 5.09 %250,000 5.09 %
Unsecured term loan due 2026 – fixed rate(1)(6)
July 17, 2026150,000 2.97 %150,000 2.97 %
Total unsecured term loans$720,000 $720,000 
Unsecured credit facility revolving line of credit –
variable rate(1)(7)
January 8, 2026$— 2.89 %$55,000 1.20 %
(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 June 30, 2022 and 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 June 30, 2022 and December 31, 2021. Subsequent to June 30, 2022, the Secured Overnight Financing Rate (“SOFR”) replaced LIBOR as the interest reference rate for this term loan.
(4)$250,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 5.09% through October 24, 2025.
(5)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.
(6)$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 June 30, 2022 and December 31, 2021. Subsequent to June 30, 2022, SOFR replaced LIBOR as the interest reference rate for this term loan.
(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 as of June 30, 2022:
(in thousands)

Unsecured Term Loans Assumed
Maturity 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%
$150,000 unsecured term loan due 2026
7/17/2026
1.20% – 1.70%
0.75% – 1.60%
Schedule of Weighted Average Maturities and Interest Rates
Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of June 30, 2022, considering the impact of interest rate swaps, is summarized below:
($ in thousands)Amount
Outstanding		RatioWeighted Average
Interest Rate		Weighted
Average Years to Maturity
Fixed rate debt(1)
$2,772,800 94 %3.99 %4.2
Variable rate debt(2)
183,653 6 %5.55 %3.7
Debt discounts, premiums and issuance costs, net44,717 N/AN/AN/A
Total$3,001,170 100 %4.09 %4.2
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of June 30, 2022, $720.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 2.7 years.
(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of June 30, 2022, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 3.2 years.
Summary of Revolving Facility
The following table summarizes the key terms of the Revolving Facility as of June 30, 2022:
(in thousands)Leverage-Based PricingInvestment Grade Pricing
Credit AgreementMaturity DateExtension OptionExtension FeeCredit SpreadFacility FeeCredit SpreadFacility Fee
$850,000 unsecured revolving line of credit
1/8/2026
2 six-month
0.075%
1.05%–1.50%
0.15%–0.30%
0.725%–1.40%
0.125%–0.30%
Schedule of Amortization of Debt Issuance Costs The amounts of such amortization included in the accompanying consolidated statements of operations are as follows:
 Six Months Ended June 30,
($ in thousands)20222021
Amortization of deferred leasing costs, lease intangibles and other$81,821 $5,431 
Amortization of above-market lease intangibles$6,630 $467 
The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income:
Six Months Ended June 30,
($ in thousands)20222021
Amortization of debt issuance costs$1,370 $1,230