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MORTGAGE AND OTHER INDEBTEDNESS (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of 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 $2,829,202 
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):
December 31, 2024December 31, 2023
Maturity DateBalanceInterest RateBalanceInterest Rate
Senior notes – 4.58% due 2024
June 30, 2024$— — %$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)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.
(3)The coupon rate of the Notes Due 2034 (defined below) is 5.50%; however, as a result of hedging activities, the Company’s interest rate is 4.60%.
The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):
December 31, 2024December 31, 2023
Maturity DateBalanceInterest RateBalanceInterest Rate
Unsecured term loan due 2024 – fixed rate(1)
July 17, 2024$— — %$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.
Schedule of Weighted Average Interest Rates and Maturities
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.
Schedule of 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.
Schedule of Key Terms of Revolving Credit Facility and Term Loans
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 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.
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,
202420232022
Amortization of deferred leasing costs, lease intangibles and other$77,224 $107,542 $150,245 
Amortization of above-market lease intangibles$9,479 $12,007 $13,562 
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 
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):
Year Ended December 31,
202420232022
Amortization of debt discounts, premiums and hedge instruments$13,592 $19,503 $20,140 
Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization Maturity
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 
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 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 
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, 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