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MORTGAGE AND OTHER INDEBTEDNESS (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Indebtedness
The following table summarizes the Company’s indebtedness as of December 31, 2022 and 2021 (in thousands):
December 31,
20222021
Mortgages payable$233,621 $392,590 
Senior unsecured notes1,924,635 1,924,635 
Unsecured term loans820,000 720,000 
Unsecured revolving line of credit— 55,000 
2,978,256 3,092,225 
Unamortized discounts and premiums, net44,362 69,425 
Unamortized debt issuance costs, net(12,319)(10,842)
Total mortgage and other indebtedness, net$3,010,299 $3,150,808 
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):
December 31, 2022December 31, 2021
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 8.41 %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 8.51 %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)$75,000 of 4.57% senior unsecured notes has been swapped to a variable rate of three-month LIBOR plus 3.75% through September 10, 2025.
Unsecured Term Loans and Revolving Line of Credit
The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):
December 31, 2022December 31, 2021
Maturity DateBalanceInterest RateBalanceInterest Rate
Unsecured term loan due 2023 – fixed rate(1)(2)
November 22, 2023$— — %$200,000 4.10 %
Unsecured term loan due 2024 – fixed rate(1)(3)
July 17, 2024120,000 2.68 %120,000 2.88 %
Unsecured term loan due 2025 – fixed rate(4)
October 24, 2025250,000 5.09 %250,000 5.09 %
Unsecured term loan due 2026 – fixed rate(1)(5)
July 17, 2026150,000 2.73 %150,000 2.97 %
Unsecured term loan due 2029 – fixed rate(6)
July 29, 2029300,000 4.05 %— — %
Total unsecured term loans$820,000 $720,000 
Unsecured credit facility revolving line of credit –
variable rate(7)
January 8, 2026$— 5.56 %$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 of 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 December 31, 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 December 31, 2022. As of December 31, 2021, $120,000 of LIBOR-based variable rate debt had been swapped to a fixed rate of 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)As of December 31, 2022, $250,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 5.09% through October 24, 2025. As of December 31, 2021, $250,000 of LIBOR-based variable rate debt had 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 each at the Operating Partnership’s option, subject to certain conditions.
(5)As of December 31, 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 December 31, 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 December 31, 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.
Schedule of Weighted Average Interest Rates and Maturities
Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of December 31, 2022, considering the impact of interest rate swaps, is summarized below (dollars in thousands):
Amount
Outstanding		RatioWeighted Average
Interest Rate		Weighted
Average Years to Maturity
Fixed rate debt(1)
$2,794,963 94 %3.96 %4.3
Variable rate debt(2)
183,293 6 %8.08 %3.2
Debt discounts, premiums and issuance costs, net32,043 N/AN/AN/A
Total$3,010,299 100 %4.21 %4.2
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of December 31, 2022, $820.0 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 December 31, 2022, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 2.7 years.
Schedule of Mortgages Payable
The following table summarizes the Company’s mortgages payable (dollars in thousands):
December 31, 2022December 31, 2021
BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity		BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity
Fixed rate mortgages payable(1)
$205,328 3.98 %1.4$363,577 4.13 %1.7
Variable rate mortgage payable(2)
28,293 5.96 %0.629,013 1.70 %0.1
Total mortgages payable$233,621 $392,590 
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of December 31, 2022 and 2021.
(2)On April 1, 2022, the interest rate on the variable rate mortgage switched to Bloomberg Short Term Bank Yield Index (“BSBY”) plus 160 basis points from LIBOR plus 160 basis points. The one-month BSBY rate was 4.36% as of December 31, 2022. The one-month LIBOR rate was 0.10% as of December 31, 2021.
Schedule of Revolving Credit Facility and Term Loans
The following table summarizes the key terms of the 2022 Revolving Facility as of December 31, 2022 (dollars in thousands):
Leverage-Based PricingInvestment Grade Pricing
2022 Credit AgreementMaturity DateExtension OptionExtension FeeCredit SpreadFacility FeeCredit SpreadFacility FeeSOFR 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%
The following table summarizes the key terms of the unsecured term loans as of December 31, 2022 (dollars in thousands):
Unsecured Term LoansMaturity DateLeverage-Based Pricing
Credit Spread		Investment Grade Pricing
Credit Spread		SOFR Adjustment
$120,000 unsecured term loan due 2024(1)
7/17/2024
1.20% – 1.70%
0.80% – 1.65%
0.10%
$250,000 unsecured term loan due 2025(2)
10/24/2025
2.00% – 2.55%
2.00% – 2.50%
0.10%
$150,000 unsecured term loan due 2026(1)
7/17/2026
1.20% – 1.70%
0.75% – 1.60%
0.10%
$300,000 unsecured term loan due 2029
7/29/2029N/A
1.15% – 2.20%
0.10%
(1)In July 2022, SOFR replaced LIBOR as the interest reference rate for these term loans.
(2)In December 2022, SOFR replaced LIBOR as the interest reference rate for this term loan. In addition, 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.
Summary of Deferred Cost Amortization The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):
Year Ended December 31,
202220212020
Amortization of deferred leasing costs, lease intangibles and other$150,245 $45,423 $13,916 
Amortization of above-market lease intangibles$13,562 $3,483 $999 
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 (in thousands):
Year Ended December 31,
202220212020
Amortization of debt issuance costs$3,163 $2,681 $2,135 
Schedule of Maturities of Long-term Debt
The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2022 (in thousands):
Secured Debt
Scheduled
Principal Payments		Term
Maturities		Unsecured DebtTotal
2023$3,020 $189,390 $95,000 $287,410 
20242,721 — 269,635 272,356 
20252,848 — 680,000 682,848 
20262,981 — 550,000 552,981 
20273,120 — 250,000 253,120 
Thereafter27,061 2,480 900,000 929,541 
 $41,751 $191,870 $2,744,635 $2,978,256 
Debt discounts, premiums and issuance costs, net 32,043 
Total  $3,010,299