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MORTGAGE AND OTHER INDEBTEDNESS (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedules of Indebtedness
The following table summarizes the Company’s indebtedness as of September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Mortgages payable$149,477 $153,306 
Senior unsecured notes2,380,000 1,829,635 
Unsecured term loans700,000 820,000 
Unsecured revolving line of credit— — 
3,229,477 2,802,941 
Unamortized discounts and premiums, net24,013 35,765 
Unamortized debt issuance costs, net(13,562)(9,504)
Total mortgage and other indebtedness, net$3,239,928 $2,829,202 
The following table summarizes the Company’s mortgages payable (dollars in thousands):
September 30, 2024December 31, 2023
BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity		BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity
Fixed rate mortgages payable(1)
$134,277 5.10 %7.4$136,306 5.09 %8.1
Variable rate mortgage payable(2)
15,200 7.02 %1.817,000 7.59 %2.6
Total mortgages payable$149,477 $153,306 
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of September 30, 2024 and December 31, 2023.
(2)The interest rate on the variable rate mortgage is based on Bloomberg Short Term Bank Yield Index (“BSBY”) plus 215 basis points. The one-month BSBY rate was 4.87% and 5.44% as of September 30, 2024 and December 31, 2023, respectively. Subsequent to September 30, 2024, the Secured Overnight Financing Rate (“SOFR”) replaced BSBY as the index for the variable rate mortgage.
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):
September 30, 2024December 31, 2023
Maturity DateBalanceInterest RateBalanceInterest Rate
Senior notes – 4.58% due 2024
June 30, 2024$— — %$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 7.98 %80,000 9.27 %
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 8.08 %75,000 9.37 %
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 %
Senior notes – 4.95% due 2031
December 15, 2031350,000 4.95 %— — %
Senior notes – 5.50% due 2034(3)
March 1, 2034350,000 4.60 %— — %
Total senior unsecured notes$2,380,000 $1,829,635 
(1)$80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month SOFR plus 3.65% through September 10, 2025.
(2)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.
(3)The coupon rate of the Notes Due 2034 (defined below) is 5.50%; however, as a result of hedging activities, the Company’s interest rate is 4.60%.
The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):
September 30, 2024December 31, 2023
Maturity DateBalanceInterest RateBalanceInterest Rate
Unsecured term loan due 2024 – fixed rate(1)
July 17, 2024$— — %$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 3.82 %
Total unsecured term loans$700,000 $820,000 
Unsecured credit facility revolving line of credit –
variable rate(5)
January 8, 2026$— 6.11 %$— 6.58 %
(1)As of December 31, 2023, $120,000 of SOFR-based variable rate debt had 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.
(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 September 30, 2024 and December 31, 2023.
(4)$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. The applicable credit spread was 1.35% as of September 30, 2024 and December 31, 2023.
(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 September 30, 2024, 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)
$3,059,277 95 %4.18 %4.4
Variable rate debt(2)
170,200 5 %7.94 %1.9
Debt discounts, premiums and issuance costs, net10,451 N/AN/AN/A
Mortgage and other indebtedness, net$3,239,928 100 %4.38 %4.3
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of September 30, 2024, $700.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 1.1 years.
(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of September 30, 2024, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 0.9 years.
Schedule of Key Terms of Revolving Facility and Term Loans
The following table summarizes the key terms of the Revolving Facility as of September 30, 2024 (dollars in thousands):
Leverage-Based PricingInvestment Grade Pricing
Credit AgreementMaturity DateExtension OptionExtension FeeCredit SpreadFacility FeeCredit SpreadFacility 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%
The following table summarizes the key terms of the unsecured term loans as of September 30, 2024 (dollars in thousands):
Unsecured Term Loans
Maturity DateLeverage-Based Pricing
Credit Spread		Investment Grade Pricing
Credit Spread
SOFR Adjustment
$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 Amortization of Debt Issuance Costs The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):
 Nine Months Ended September 30,
20242023
Amortization of deferred leasing costs, lease intangibles and other$59,549 $83,768 
Amortization of above-market lease intangibles$7,309 $9,305 
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):
Nine Months Ended September 30,
20242023
Amortization of debt issuance costs$2,978 $2,685 
Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):
Nine Months Ended September 30,
20242023
Amortization of debt discounts, premiums and hedge instruments$10,581 $14,992 
Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization Maturity
In addition, the estimated amounts of the reduction to interest expense as of September 30, 2024 for each of the next five years and thereafter related to the amortization of debt discounts, premiums and assumed hedge instruments, assuming these instruments are held to maturity, are as follows (in thousands):
October 2024 through December 2024$3,011 
20257,486 
20265,832 
20274,914 
20284,904 
Thereafter4,462 
Total unamortized debt discounts, premiums and hedge instruments$30,609 
Schedule of Reconciliation of Unamortized Debt Discounts, Premiums and Hedge Instruments
The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of September 30, 2024 to the balance of unamortized discounts and premiums, net (in thousands):
Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans$28,902 
Unamortized hedge instruments1,707 
Total unamortized debt discounts, premiums and hedge instruments30,609 
Unamortized hedge instruments (included in accumulated other comprehensive income)(1,707)
Fair value of variable interest rate swaps(4,889)
Unamortized discounts and premiums, net$24,013