XML 56 R38.htm IDEA: XBRL DOCUMENT v3.24.0.1
MORTGAGE AND OTHER INDEBTEDNESS (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Indebtedness
The following table summarizes the Company’s indebtedness as of December 31, 2023 and 2022 (in thousands):
December 31,
20232022
Mortgages payable$153,306 $233,621 
Senior unsecured notes1,829,635 1,924,635 
Unsecured term loans820,000 820,000 
Unsecured revolving line of credit— — 
2,802,941 2,978,256 
Unamortized discounts and premiums, net35,765 44,362 
Unamortized debt issuance costs, net(9,504)(12,319)
Mortgage and other indebtedness, net$2,829,202 $3,010,299 
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):
December 31, 2023December 31, 2022
Maturity DateBalanceInterest RateBalanceInterest Rate
Senior notes – 4.23% due 2023
September 10, 2023$— — %$95,000 4.23 %
Senior notes – 4.58% due 2024
June 30, 2024149,635 4.58 %149,635 4.58 %
Senior notes – 4.00% due 2025
March 15, 2025350,000 4.00 %350,000 4.00 %
Senior notes – SOFR + 3.65% due 2025(1)
September 10, 202580,000 9.27 %80,000 8.41 %
Senior notes – 4.08% due 2026
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 – SOFR + 3.75% due 2027(2)
September 10, 202775,000 9.37 %75,000 8.51 %
Senior notes – 4.24% due 2028
December 28, 2028100,000 4.24 %100,000 4.24 %
Senior notes – 4.82% due 2029
June 28, 2029100,000 4.82 %100,000 4.82 %
Senior notes – 4.75% due 2030
September 15, 2030400,000 4.75 %400,000 4.75 %
Total senior unsecured notes$1,829,635 $1,924,635 
(1)On July 1, 2023, the fallback rate in the derivative agreement went into effect. As of December 31, 2023, $80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month Secured Overnight Financing Rate (“SOFR”) plus 3.65% through September 10, 2025. As of December 31, 2022, $80,000 of 4.47% senior unsecured notes due 2025 had been swapped to a variable rate of three-month London Interbank Offered Rate (“LIBOR”) plus 3.65%.
(2)On July 1, 2023, the fallback rate in the derivative agreement went into effect. As of December 31, 2023, $75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025. As of December 31, 2022, $75,000 of 4.57% senior unsecured notes due 2027 had been swapped to a variable rate of three-month LIBOR plus 3.75%.
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, 2023December 31, 2022
Maturity DateBalanceInterest RateBalanceInterest Rate
Unsecured term loan due 2024 – fixed rate(1)
July 17, 2024$120,000 2.68 %$120,000 2.68 %
Unsecured term loan due 2025 – fixed rate(2)
October 24, 2025250,000 5.09 %250,000 5.09 %
Unsecured term loan due 2026 – fixed rate(3)
July 17, 2026150,000 2.73 %150,000 2.73 %
Unsecured term loan due 2029 – fixed rate(4)
July 29, 2029300,000 3.82 %300,000 4.05 %
Total unsecured term loans$820,000 $820,000 
Unsecured credit facility revolving line of credit –
variable rate(5)
January 8, 2026$— 6.58 %$— 5.56 %
(1)$120,000 of 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, 2023 and 2022.
(2)$250,000 of SOFR-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 each at the Operating Partnership’s option, subject to certain conditions.
(3)$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, 2023 and 2022.
(4)As of December 31, 2023, $300,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.47% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through August 1, 2025. As of December 31, 2022, $300,000 of SOFR-based variable rate debt had 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, 2023 and 2022.
(5)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.
Schedule of Weighted Average Interest Rates and Maturities
Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of December 31, 2023, 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)
$2,630,941 94 %3.98 %3.6
Variable rate debt(2)
172,000 6 %9.15 %2.7
Debt discounts, premiums and issuance costs, net26,261 N/AN/AN/A
Mortgage and other indebtedness, net$2,829,202 100 %4.30 %3.6
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of December 31, 2023, $820.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 1.7 years.
(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of December 31, 2023, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 1.7 years.
Schedule of Mortgages Payable
The following table summarizes the Company’s mortgages payable (dollars in thousands):
December 31, 2023December 31, 2022
BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity		BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity
Fixed rate mortgages payable(1)
$136,306 5.09 %8.1$205,328 3.98 %1.4
Variable rate mortgage payable(2)
17,000 7.59 %2.628,293 5.96 %0.6
Total mortgages payable$153,306 $233,621 
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of December 31, 2023 and 2022.
(2)In July 2023, the interest rate on the variable rate mortgage increased to Bloomberg Short Term Bank Yield Index (“BSBY”) plus 215 basis points from BSBY plus 160 basis points in conjunction with the July 2023 amendment of the loan agreement. The one-month BSBY rate was 5.44% and 4.36% as of December 31, 2023 and 2022, respectively.
Schedule of Revolving Credit Facility and Term Loans
The following table summarizes the key terms of the Revolving Facility as of December 31, 2023 (dollars in thousands):
Leverage-Based PricingInvestment Grade Pricing
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, 2023 (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
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%
0.10%
$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
7/29/2029N/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 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,
202320222021
Amortization of deferred leasing costs, lease intangibles and other$107,542 $150,245 $45,423 
Amortization of above-market lease intangibles$12,007 $13,562 $3,483 
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,
202320222021
Amortization of debt issuance costs$3,609 $3,163 $2,681 
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, 2023 (in thousands):
Secured Debt
Scheduled
Principal Payments		Term
Maturities		Unsecured DebtTotal
2024$5,121 $— $269,635 $274,756 
20255,248 — 680,000 685,248 
20264,581 10,600 550,000 565,181 
20273,120 — 250,000 253,120 
20283,757 — 100,000 103,757 
Thereafter28,091 92,788 800,000 920,879 
 $49,918 $103,388 $2,649,635 $2,802,941 
Debt discounts, premiums and issuance costs, net 26,261 
Mortgage and other indebtedness, net  $2,829,202