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MORTGAGE AND OTHER INDEBTEDNESS (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedules of Indebtedness | The following table summarizes the Company’s indebtedness as of September 30, 2022 and December 31, 2021:
($ in thousands) | September 30, 2022 |  | December 31, 2021
Mortgages payable | $ | 234,433 |  |  | $ | 392,590 |
Senior unsecured notes | 1,924,635 |  |  | 1,924,635 |
Unsecured term loans | 820,000 |  |  | 720,000 |
Revolving line of credit | — |  |  | 55,000 |
| 2,979,068 |  |  | 3,092,225 |
Unamortized discounts and premiums, net | 46,877 |  |  | 69,425 |
Unamortized debt issuance costs, net | (13,075) |  |  | (10,842) |
Total mortgage and other indebtedness, net | $ | 3,012,870 |  |  | $ | 3,150,808 |
The following table summarizes the Company’s mortgages payable:
| September 30, 2022 |  | December 31, 2021
($ 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) | $ | 205,960 |  |  | 3.98 | % |  | 1.6 |  | $ | 363,577 |  |  | 4.13 | % |  | 1.7
Variable rate mortgage payable(2) | 28,473 |  |  | 4.69 | % |  | 0.8 |  | 29,013 |  |  | 1.70 | % |  | 0.1
Total mortgages payable | $ | 234,433 |  |  |  |  |  |  | $ | 392,590 |  |  |  |  |
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of September 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 3.09% as of September 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:
|  |  | September 30, 2022 |  | December 31, 2021
($ 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 | % |  | 149,635 |  |  | 4.58 | %
Senior notes – 4.00% due 2025(2) | March 15, 2025 |  | 350,000 |  |  | 4.00 | % |  | 350,000 |  |  | 4.00 | %
Senior notes – LIBOR + 3.65% due 2025(3) | September 10, 2025 |  | 80,000 |  |  | 7.40 | % |  | 80,000 |  |  | 3.86 | %
Senior notes – 4.08% due 2026(1) | September 30, 2026 |  | 100,000 |  |  | 4.08 | % |  | 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 | % |  | 175,000 |  |  | 0.75 | %
Senior notes – LIBOR + 3.75% due 2027(4) | September 10, 2027 |  | 75,000 |  |  | 7.50 | % |  | 75,000 |  |  | 3.96 | %
Senior notes – 4.24% due 2028(1) | December 28, 2028 |  | 100,000 |  |  | 4.24 | % |  | 100,000 |  |  | 4.24 | %
Senior notes – 4.82% due 2029(1) | June 28, 2029 |  | 100,000 |  |  | 4.82 | % |  | 100,000 |  |  | 4.82 | %
Senior notes – 4.75% due 2030(2) | September 15, 2030 |  | 400,000 |  |  | 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)$75,000 of 4.57% senior unsecured notes has been swapped to a variable rate of three-month LIBOR plus 3.75% through September 10, 2025. The following table summarizes the Company’s term loans and revolving line of credit:
|  |  | September 30, 2022 |  | December 31, 2021
($ 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 |  |  | 2.68 | % |  | 120,000 |  |  | 2.88 | %
Unsecured term loan due 2025 – fixed rate(4) | October 24, 2025 |  | 250,000 |  |  | 5.09 | % |  | 250,000 |  |  | 5.09 | %
Unsecured term loan due 2026 – fixed rate(1)(5) | July 17, 2026 |  | 150,000 |  |  | 2.73 | % |  | 150,000 |  |  | 2.97 | %
Unsecured term loan due 2029 – fixed rate(6) | July 29, 2029 |  | 300,000 |  |  | 4.05 | % |  | — |  |  | — | %
Total unsecured term loans |  |  | $ | 820,000 |  |  |  |  | $ | 720,000 |  |  |
Unsecured credit facility revolving line of credit – variable rate(7) | January 8, 2026 |  | $ | — |  |  | 4.24 | % |  | $ | 55,000 |  |  | 1.20 | %
(1)Unsecured term loans assumed in connection with the Merger. (2)As of December 31, 2021, $200,000 of LIBOR-based variable rate debt had 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)As of September 30, 2022, $120,000 of Secured Overnight Financing Rate (“SOFR”)-based variable rate debt has been swapped to a fixed rate of 1.58% plus a credit spread based on a ratings grid ranging from 0.80% to 1.65% through July 17, 2024. The applicable credit spread was 1.10% as of September 30, 2022. As of December 31, 2021, $120,000 of LIBOR-based variable rate debt had 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. 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. (5)As of September 30, 2022, $150,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through July 17, 2026. The applicable credit spread was 1.05% as of September 30, 2022. As of December 31, 2021, $150,000 of LIBOR-based variable rate debt had 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)$300,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.70% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through November 22, 2023. The applicable credit spread was 1.35% as of September 30, 2022. (7)The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity. On July 29, 2022, SOFR replaced LIBOR as the interest reference rate for the revolving line of credit. The following table summarizes the key terms of the unsecured term loans as of September 30, 2022:
($ in thousands) Unsecured Term Loans |  | Maturity Date |  | Leverage-Based Pricing Credit Spread |  | Investment Grade Pricing Credit Spread |  | SOFR Adjustment
$120,000 unsecured term loan due 2024 |  | 7/17/2024 |  | 1.20% – 1.70% |  | 0.80% – 1.65% |  | 0.10%
$250,000 unsecured term loan due 2025 |  | 10/24/2025(1) |  | 2.00% – 2.55% |  | 2.00% – 2.50% |  | N/A
$150,000 unsecured term loan due 2026 |  | 7/17/2026 |  | 1.20% – 1.70% |  | 0.75% – 1.60% |  | 0.10%
$300,000 unsecured term loan due 2029 |  | 7/29/2029 |  | N/A |  | 1.15% – 2.20% |  | 0.10%
(1)The maturity date may be extended for up to three additional periods of one year each at the Operating Partnership’s option, subject to certain conditions.
Schedule of Weighted Average Maturities and Interest Rates | Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of September 30, 2022, considering the impact of interest rate swaps, is summarized below:
($ in thousands) | Amount Outstanding |  | Ratio |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate debt(1) | $ | 2,795,595 |  |  | 94 | % |  | 3.96 | % |  | 4.6
Variable rate debt(2) | 183,473 |  |  | 6 | % |  | 7.02 | % |  | 3.4
Debt discounts, premiums and issuance costs, net | 33,802 |  |  | N/A |  | N/A |  | N/A
Total | $ | 3,012,870 |  |  | 100 | % |  | 4.15 | % |  | 4.5
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of September 30, 2022, $820.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 2.9 years. (2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of September 30, 2022, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 2.9 years.
Summary of Revolving Facility | The following table summarizes the key terms of the 2022 Revolving Facility as of September 30, 2022:
($ in thousands) |  |  |  |  |  |  |  | Leverage-Based Pricing |  | Investment Grade Pricing |  |
2022 Credit Agreement |  | Maturity Date |  | Extension Option |  | Extension Fee |  | Credit Spread |  | Facility Fee |  | Credit Spread |  | Facility Fee |  | SOFR Adjustment
$1,100,000 unsecured revolving line of credit |  | 1/8/2026 |  | 2 six-month |  | 0.075% |  | 1.05%–1.50% |  | 0.15%–0.30% |  | 0.725%–1.40% |  | 0.125%–0.30% |  | 0.10%
Schedule of Amortization of Debt Issuance Costs | The amounts of such amortization included in the accompanying consolidated statements of operations are as follows:
| Nine Months Ended September 30,
($ in thousands) | 2022 |  | 2021
Amortization of deferred leasing costs, lease intangibles and other | $ | 117,177 |  |  | $ | 8,005 |
Amortization of above-market lease intangibles | $ | 10,161 |  |  | $ | 700 |
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:
| Nine Months Ended September 30,
($ in thousands) | 2022 |  | 2021
Amortization of debt issuance costs | $ | 2,169 |  |  | $ | 1,963 |

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