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MORTGAGE AND OTHER INDEBTEDNESS
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
MORTGAGE AND OTHER INDEBTEDNESS MORTGAGE AND OTHER INDEBTEDNESS
The following table summarizes the Company’s indebtedness as of December 31, 2024 and 2023 (in thousands):
December 31, 2024December 31, 2023
Mortgages payable$148,185 $153,306 
Senior unsecured notes2,380,000 1,829,635 
Unsecured term loans700,000 820,000 
Unsecured revolving line of credit— — 
3,228,185 2,802,941 
Unamortized discounts and premiums, net22,191 35,765 
Unamortized debt issuance costs, net(23,446)(9,504)
Mortgage and other indebtedness, net$3,226,930 $2,829,202 
Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of December 31, 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)
$3,058,585 95 %4.08 %4.3
Variable rate debt(2)
169,600 5 %7.64 %1.7
Debt discounts, premiums and issuance costs, net(1,255)N/AN/AN/A
Mortgage and other indebtedness, net$3,226,930 100 %4.27 %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, 2024, $700.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 0.9 years.
(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of December 31, 2024, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 0.7 years.
Mortgages Payable 
The following table summarizes the Company’s mortgages payable (dollars in thousands):
December 31, 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)
$133,585 5.10 %7.1$136,306 5.09 %8.1
Variable rate mortgage payable(2)
14,600 6.48 %1.617,000 7.59 %2.6
Total mortgages payable$148,185 $153,306 
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of December 31, 2024 and 2023.
(2)On October 1, 2024, the index on the variable rate mortgage was replaced with the Secured Overnight Financing Rate (“SOFR”) plus 215 basis points from the Bloomberg Short Term Bank Yield Index (“BSBY”) plus 215 basis points. The one-month SOFR rate was 4.33% as of December 31, 2024, and the one-month BSBY rate was 5.44% as of December 31, 2023.
Mortgages payable, which are secured by certain real estate and, in some cases, by guarantees from the Operating Partnership, are generally due in monthly installments of principal and interest and mature over various terms through 2033. During the year ended December 31, 2024, we made scheduled principal payments of $5.1 million related to amortizing loans.
Unsecured Notes
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):
December 31, 2024December 31, 2023
Maturity DateBalanceInterest RateBalanceInterest Rate
Senior notes – 4.58% due 2024
June 30, 2024$— — %$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 7.70 %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 7.80 %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%.
Private Placement Senior Unsecured Notes
In October 2021, in connection with the merger with Retail Properties of America, Inc. (“RPAI”), the Operating Partnership entered into a number of assumption agreements pursuant to which the Operating Partnership assumed all of RPAI’s obligations under RPAI’s existing note purchase agreements related to an aggregate of $450.0 million in principal of privately placed senior unsecured notes. During the year ended December 31, 2024, the Company repaid the $149.6 million principal balance of the 4.58% senior unsecured notes that matured on June 30, 2024. In addition, in August 2015, the Operating Partnership entered into a note purchase agreement in connection with the issuance of $250.0 million of senior unsecured notes at a blended interest rate of 4.41% and an average maturity of 9.8 years (collectively, the “Private Placement Notes”). During the year ended December 31, 2023, the Company repaid the $95.0 million principal balance of the 4.23% senior unsecured notes that matured on September 10, 2023.
Each series of Private Placement Notes requires semi-annual interest payments each year until maturity. The Operating Partnership may prepay at any time all, or from time to time any part of, any series of the Private Placement Notes in an amount not less than 5% of the aggregate principal amount of such series of the Private Placement Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a make-whole amount (as defined in the applicable note purchase agreement). The make-whole amount is equal to the excess, if any, of the discounted value of the remaining scheduled payments with respect to the Private Placement Notes being prepaid over the amount of such Private Placement Notes.
Each note purchase agreement contains customary financial maintenance covenants, including a maximum total leverage ratio, secured and unsecured leverage ratios, and a minimum interest coverage ratio. Each note purchase agreement also contains restrictive covenants that restrict the ability of the Operating Partnership and its subsidiaries to, among other things, enter into transactions with affiliates, merge or consolidate, transfer assets, or incur liens. Further, each note purchase agreement contains customary events of default, including in relation to non-payment, breach of covenants, defaults under certain other indebtedness, judgment defaults, and bankruptcy events. In the case of an event of default, the holders of the Private Placement Notes may, among other remedies, accelerate the payment of all obligations.
Publicly Placed Senior Unsecured Notes
In August 2024, the Operating Partnership completed a public offering of $350.0 million in aggregate principal amount of 4.95% senior unsecured notes due 2031 (the “Notes Due 2031”). The Notes Due 2031 were priced at 99.328% of the principal amount to yield 5.062% to maturity and will mature on December 15, 2031, unless earlier redeemed. The Company expects the proceeds will be used to repay the $350.0 million principal balance of the 4.00% senior unsecured notes due 2025 (the “Notes Due 2025”) and for general corporate purposes.
In January 2024, the Operating Partnership completed a public offering of $350.0 million in aggregate principal amount of 5.50% senior unsecured notes due 2034 (the “Notes Due 2034”). The Notes Due 2034 were priced at 98.670% of the principal amount to yield 5.673% to maturity and will mature on March 1, 2034, unless earlier redeemed. The proceeds were used to repay the $149.6 million principal balance of the 4.58% senior unsecured notes that matured on June 30, 2024, the $120.0 million unsecured term loan that matured on July 17, 2024 (the “$120M Term Loan”), and for general corporate purposes.
In October 2021, in connection with the merger with RPAI, the Operating Partnership (as successor by merger to RPAI) assumed all of RPAI’s outstanding $750.0 million aggregate principal of publicly placed senior unsecured notes. In addition, the Operating Partnership completed a $300.0 million public offering of 4.00% senior unsecured notes in September 2016 (collectively, the “Public Placement Notes”). The Public Placement Notes require semi-annual interest payments each year until maturity.
The Public Placement Notes are the direct, senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The Operating Partnership may redeem the Public Placement Notes at its option and in its sole discretion, at any time or from time to time, prior to three months prior to the respective maturity date (such date, the “Par Call Date”), at a redemption price equal to 100% of the principal amount of the applicable Public Placement Notes being redeemed, plus accrued and unpaid interest and a “make-whole” premium calculated in accordance with the indenture. Redemptions on or after the respective Par Call Date are not subject to the addition of a “make-whole” premium.
Exchangeable Senior Notes
In March 2021, the Operating Partnership issued $175.0 million aggregate principal amount of 0.75% exchangeable senior notes maturing in April 2027 (the “Exchangeable Notes”). The Exchangeable Notes are governed by an indenture between the Operating Partnership, the Company and U.S. Bank National Association, as trustee. The Exchangeable Notes were sold in the U.S. only to accredited investors pursuant to an exemption from the Securities Act of 1933, as amended (the “Securities Act”), and subsequently resold to qualified institutional investors pursuant to Rule 144A under the Securities Act. The net proceeds from the offering of the Exchangeable Notes were approximately $169.7 million after deducting the underwriting fees and other expenses paid by the Company. The Exchangeable Notes bear interest at a rate of 0.75% per annum, payable semi-annually in arrears, and will mature on April 1, 2027. During each of the years ended December 31, 2024, 2023 and 2022, we recognized approximately $1.3 million of interest expense related to the Exchangeable Notes.
Prior to January 1, 2027, the Exchangeable Notes will be exchangeable into cash up to the principal amount of the Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof only upon certain circumstances and during certain periods. On or after January 1, 2027, the Exchangeable Notes will be exchangeable into cash up to the principal amount of the Exchangeable Notes exchanged and, if applicable, cash or common shares or a combination thereof at the option of the holders at any time prior to the close of business on the second scheduled trading day preceding the maturity date. The initial exchange rate was 39.6628 common shares per $1,000 principal amount of Exchangeable Notes, which was equivalent to an initial exchange price of approximately $25.21 per common share and an exchange premium of
approximately 25% based upon the closing price of $20.17 per common share on March 17, 2021. The exchange rate is subject to adjustment upon the occurrence of certain events but will not be adjusted for any accrued and unpaid interest. As of December 31, 2024, the exchange rate of the Exchangeable Notes is 41.1225 common shares per $1,000 principal amount of Exchangeable Notes due to adjustments related to dividends paid.
The Operating Partnership may redeem the Exchangeable Notes at its option, in whole or in part, on any business day on or after April 5, 2025, if the last reported sale price of the common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption at a redemption price equal to 100% of the principal amount of the Exchangeable Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
In connection with the Exchangeable Notes, the Operating Partnership entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the initial purchasers of the Exchangeable Notes or their respective affiliates. The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes, the number of common shares underlying the Exchangeable Notes. The Capped Call Transactions are generally expected to reduce the potential dilution to holders of common shares upon exchange of the Exchangeable Notes. The cap price of the Capped Call Transactions was initially approximately $30.26, which represented a premium of approximately 50% over the last reported sale price of our common shares on March 17, 2021 and is subject to anti-dilution adjustments under the terms of the Capped Call Transactions. We incurred $9.8 million of costs related to the Capped Call Transactions, which are included within “Additional paid-in capital” in the accompanying consolidated balance sheets.
Unsecured Term Loans and Revolving Line of Credit
The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):
December 31, 2024December 31, 2023
Maturity DateBalanceInterest RateBalanceInterest Rate
Unsecured term loan due 2024 – fixed rate(1)
July 17, 2024$— — %$120,000 2.68 %
Unsecured term loan due 2026 – fixed rate(2)
July 17, 2026150,000 2.73 %150,000 2.73 %
Unsecured term loan due 2027 – fixed rate(3)
October 24, 2027250,000 3.94 %250,000 5.09 %
Unsecured term loan due 2029 – fixed rate(4)
July 29, 2029300,000 3.72 %300,000 3.82 %
Total unsecured term loans$700,000 $820,000 
Unsecured credit facility revolving line of credit –
variable rate(5)
October 3, 2028$— 5.64 %$— 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)$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, 2024 and 2023.
(3)$250,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.99% plus a credit spread based on a ratings grid through October 24, 2025. As of December 31, 2024, the credit spread ranged from 0.75% to 1.60% and the applicable credit spread was 0.95%. As of December 31, 2023, the credit spread ranged from 2.00% to 2.50% and the applicable credit spread was 2.10%. The maturity date of the term loan may be extended by one one-year period at the Operating Partnership’s election, subject to certain conditions.
(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 1.25% as of December 31, 2024 and 1.35% as of December 31, 2023.
(5)The revolving line of credit can be extended for either one one-year period or up to two six-month periods at the Company’s 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.
Unsecured Revolving Credit Facility
In October 2024, the Operating Partnership, as borrower, and the Company entered into the Third Amendment (the “Third Amendment”) to the Sixth Amended and Restated Credit Agreement, dated as of July 8, 2021 (as amended, the “Credit Agreement”) with a syndicate of financial institutions to provide for an unsecured revolving credit facility aggregating $1.1 billion (the “Revolving Facility”) and a seven-year $300.0 million unsecured term loan that matures in July 2029 (the “$300M Term Loan”). Under the Credit Agreement, the Operating Partnership has the option, subject to certain customary conditions, to increase the Revolving Facility and/or incur additional term loans up to a maximum aggregate amount not to exceed $2.0 billion. The Third Amendment extended the maturity date of the Revolving Facility to October 3, 2028, which maturity date may be extended for either one one-year period or up to two six-month periods at the Operating Partnership’s option, subject to certain conditions.
Borrowings under the Revolving Facility bear interest at a rate per annum equal to SOFR plus a margin based on the Operating Partnership’s leverage ratio or credit rating, respectively, plus a facility fee based on the Operating Partnership’s leverage ratio or credit rating, respectively. The SOFR rate is also subject to an additional 0.10% spread adjustment. The Revolving Facility is currently priced on the leverage-based pricing grid. In accordance with the Credit Agreement, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end. The Company may irrevocably elect to convert to the ratings-based pricing grid at any time. As of December 31, 2024, making such an election would have resulted in a lower interest rate; however, the Company has not made the election to convert to the ratings-based pricing grid. As specified in the Third Amendment, in the event that the Company so elects to convert to the ratings-based pricing grid, the Company has the ability to obtain more favorable pricing in certain circumstances when its total leverage ratio is (x) less than or equal to 35.0% or (y) greater than 35.0% but less than or equal to 37.5% with respect to not more than one fiscal quarter following a period in which the condition described in clause (x) was satisfied (the “Leverage Toggle”). The Third Amendment also includes an adjustment to the sustainability-linked pricing provisions that allows the otherwise applicable interest rate margin to be reduced by up to two basis points (previously one basis point) if certain greenhouse gas emission reduction targets are achieved. The greenhouse gas emission reduction targets have not been achieved as of December 31, 2024.
The following table summarizes the key terms of the Revolving Facility as of December 31, 2024 (dollars in thousands):
Leverage-Based PricingInvestment-Grade Pricing
Credit AgreementMaturity DateExtension OptionsExtension FeeCredit SpreadFacility FeeCredit SpreadFacility Fee
SOFR Adjustment
$1,100,000 unsecured revolving line of credit
10/3/2028
1 one-year or 2 six-month
0.075%
1.05%–1.50%
0.15%–0.30%
0.725%–1.40%
0.125%–0.30%
0.10%
The Operating Partnership’s ability to borrow under the Credit Agreement is subject to ongoing compliance by the Operating Partnership and its subsidiaries with various restrictive covenants, including with respect to liens, transactions with affiliates, dividends, mergers and asset sales. In addition, the Credit Agreement requires that the Operating Partnership satisfy certain financial covenants, including (i) a maximum leverage ratio; (ii) a minimum fixed charge coverage ratio; (iii) a maximum secured indebtedness ratio; (iv) a maximum unsecured leverage ratio; and (v) a minimum unencumbered interest coverage ratio. As of December 31, 2024, we were in compliance with all such covenants.
The Credit Agreement includes customary representations and warranties, which must continue to be true and correct in all material respects as a condition to future draws under the Revolving Facility. The Credit Agreement also contains customary events of default, the occurrence of which, following any applicable grace period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations under the Credit Agreement to be immediately due and payable.
Unsecured Term Loans
In July 2022, in conjunction with the second amendment to the Credit Agreement, the Operating Partnership obtained a $300M Term Loan that is priced on a ratings-based pricing grid at a rate of SOFR plus a credit spread ranging from 1.15% to 2.20%. The SOFR rate is also subject to an additional 0.10% spread adjustment. Proceeds from the $300M Term Loan were used to repay outstanding indebtedness and for general corporate purposes. The Operating Partnership is permitted to prepay the $300M Term Loan in whole or in part, at any time, without premium or penalty. The Third Amendment to the Credit
Agreement also applied the Leverage Toggle and adjustment to the sustainability-linked pricing provisions to the $300M Term Loan.
In October 2021, in connection with the merger with RPAI, the Operating Partnership (as successor by merger to RPAI) assumed RPAI’s $120M Term Loan and $150.0 million unsecured term loan that matures in July 2026 (the “$150M Term Loan”), which were originally priced on a leverage-based pricing grid with the credit spread set forth in the leverage grid resetting quarterly based upon the Company’s leverage, as calculated at the previous quarter end. The Operating Partnership had the option to irrevocably elect to convert to a ratings-based pricing grid at any time. In August 2022, the Operating Partnership made the election to convert to the ratings-based pricing grid. During the year ended December 31, 2024, the Operating Partnership repaid the $120M Term Loan that matured on July 17, 2024. On October 31, 2024, the Operating Partnership entered into a fifth amendment to the loan agreement related to the $150M Term Loan that implemented certain changes to the representations and warranties, covenants, and events of default consistent with the Third Amendment. The loan agreement related to the $150M Term Loan includes a sustainability metric based on targeted greenhouse gas emission reductions, which results in a reduction of the otherwise applicable interest rate margin by one basis point upon achievement of targets set forth therein. The greenhouse gas emission reduction targets have not been achieved as of December 31, 2024.
Under the loan agreement related to the $150M Term Loan, the Operating Partnership has the option to increase the term loan to $250.0 million upon the Operating Partnership’s request, subject to certain conditions including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay the $150M Term Loan in whole or in part, at any time, without being subject to a prepayment fee.
In October 2018, the Operating Partnership entered into a term loan agreement with a group of financial institutions providing for an unsecured term loan facility of up to $250.0 million (the “$250M Term Loan”). In October 2024, the Operating Partnership entered into the Second Amendment (the “Second Amendment”) to the term loan agreement that extended the maturity date of the $250M Term Loan to October 24, 2027 with the option to extend such maturity date by one one-year period at the Company’s election, subject to the payment of an extension fee and certain other customary conditions. In conjunction with the Second Amendment, the $250M Term Loan is priced on a ratings-based pricing grid with the interest rate equal to (x) a margin ranging from 0.75% to 1.60% or (y) a base rate plus a margin ranging from 0.00% to 0.60% and includes the same Leverage Toggle for determining pricing and sustainability-linked pricing provisions as described above for the Third Amendment to the Credit Agreement. In conjunction with the Second Amendment to the term loan agreement, the Company recorded a $0.2 million loss on extinguishment of debt related to the write-off of unamortized debt issuance costs. The Operating Partnership has the option to increase the $250M Term Loan to $300.0 million, subject to certain conditions, including obtaining commitments from any one or more lenders, whether or not currently party to the term loan agreement, to provide such increased amounts. The Operating Partnership is permitted to prepay the $250M Term Loan in whole or in part without premium or penalty.
The unsecured term loan agreements contain representations, financial and other affirmative and negative covenants, and events of default that are substantially similar to those contained in the Credit Agreement. The unsecured term loan agreements all rank pari passu with the Operating Partnership’s Revolving Facility and other unsecured indebtedness of the Operating Partnership.
The following table summarizes the key terms of the unsecured term loans as of December 31, 2024 (dollars in thousands):
Unsecured Term LoansMaturity DateLeverage-Based Pricing
Credit Spread		Investment-Grade Pricing
Credit Spread
SOFR Adjustment
$150,000 unsecured term loan due 2026
7/17/2026
1.20% – 1.70%
0.75% – 1.60%
0.10%
$250,000 unsecured term loan due 2027
10/24/2027(1)
N/A
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 by one one-year period at the Operating Partnership’s option, subject to certain conditions.
Debt Issuance Costs
Debt issuance costs are amortized over the terms of the respective loans. 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,
202420232022
Amortization of debt issuance costs$4,650 $3,609 $3,163 
Debt Discounts and Premiums
Debt discounts and premiums, including the related value of interest rate swaps that were assumed in the October 2021 merger with RPAI, are amortized over the terms of the respective loan agreements. 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):
Year Ended December 31,
202420232022
Amortization of debt discounts, premiums and hedge instruments$13,592 $19,503 $20,140 
In addition, the estimated amounts of the reduction to interest expense as of December 31, 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):
2025$7,486 
20265,832 
20274,914 
20284,904 
20293,978 
Thereafter484 
Total unamortized debt discounts, premiums and hedge instruments$27,598 
The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of December 31, 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$26,128 
Unamortized hedge instruments1,470 
Total unamortized debt discounts, premiums and hedge instruments27,598 
Unamortized hedge instruments (included in accumulated other comprehensive income)(1,470)
Fair value of variable interest rate swaps(3,937)
Unamortized discounts and premiums, net$22,191 
Debt Maturities
The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2024 (in thousands):
Secured Debt
Scheduled
Principal Payments		Term
Maturities		Unsecured DebtTotal
2025$5,248 $— $430,000 $435,248 
20264,581 10,600 550,000 565,181 
20273,120 — 500,000 503,120 
20283,757 — 100,000 103,757 
20294,324 — 400,000 404,324 
Thereafter23,767 92,788 1,100,000 1,216,555 
 $44,797 $103,388 $3,080,000 $3,228,185 
Debt discounts, premiums and issuance costs, net (1,255)
Mortgage and other indebtedness, net  $3,226,930 
Other Debt Activity
During the years ended December 31, 2024, 2023 and 2022, we capitalized interest totaling $3.9 million, $3.7 million, and $2.4 million, respectively.
Fair Value of Fixed and Variable Rate Debt
As of December 31, 2024, the estimated fair value of fixed rate debt was $2.5 billion compared to the book value of $2.5 billion. The fair value was estimated using Level 2 and Level 3 inputs with cash flows discounted at current borrowing rates for similar instruments, which ranged from 5.92% to 7.06%. As of December 31, 2024, the estimated fair value of variable rate debt was $714.6 million compared to the book value of $715.9 million. The fair value was estimated using Level 2 and Level 3 inputs with cash flows discounted at a current borrowing rate for similar instruments of 5.48%.