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MORTGAGE AND OTHER INDEBTEDNESS (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedules of Indebtedness | The following table summarizes the Company’s indebtedness as of September 30, 2025 and December 31, 2024 (in thousands):
| September 30, 2025 |  | December 31, 2024
Mortgages payable | $ | 144,262 |  |  | $ | 148,185 |
Senior unsecured notes | 2,250,000 |  |  | 2,380,000 |
Unsecured term loans | 550,000 |  |  | 700,000 |
Unsecured revolving line of credit | — |  |  | — |
| 2,944,262 |  |  | 3,228,185 |
Unamortized discounts and premiums, net | 19,755 |  |  | 22,191 |
Unamortized debt issuance costs, net | (22,469) |  |  | (23,446) |
Mortgage and other indebtedness, net | $ | 2,941,548 |  |  | $ | 3,226,930 |
The following table summarizes the Company’s mortgages payable (dollars in thousands):
| September 30, 2025 |  | December 31, 2024
| Balance |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity |  | Balance |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate mortgages payable(1) | $ | 131,462 |  |  | 5.11 | % |  | 6.4 |  | $ | 133,585 |  |  | 5.10 | % |  | 7.1
Variable rate mortgage payable(2) | 12,800 |  |  | 6.28 | % |  | 0.8 |  | 14,600 |  |  | 6.48 | % |  | 1.6
Total mortgages payable | $ | 144,262 |  |  |  |  |  |  | $ | 148,185 |  |  |  |  |
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of September 30, 2025 and December 31, 2024. (2)The interest rate on the variable rate mortgage is based on the Secured Overnight Financing Rate (“SOFR”) plus 215 basis points. The one-month SOFR rate was 4.13% and 4.33% as of September 30, 2025 and December 31, 2024, respectively. The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):
|  |  | September 30, 2025 |  | December 31, 2024
| Maturity Date |  | Balance |  | Interest Rate |  | Balance |  | Interest Rate
Senior notes – 4.00% due 2025 | March 15, 2025 |  | $ | — |  |  | — | % |  | $ | 350,000 |  |  | 4.00 | %
Senior notes – 4.47% due 2025(1) | September 10, 2025 |  | — |  |  | — | % |  | 80,000 |  |  | 7.70 | %
Senior notes – 4.08% due 2026 | September 30, 2026 |  | 100,000 |  |  | 4.08 | % |  | 100,000 |  |  | 4.08 | %
Senior notes – 4.00% due 2026 | October 1, 2026 |  | 300,000 |  |  | 4.00 | % |  | 300,000 |  |  | 4.00 | %
Senior exchangeable notes – 0.75% due 2027 | April 1, 2027 |  | 175,000 |  |  | 0.75 | % |  | 175,000 |  |  | 0.75 | %
Senior notes – 4.57% due 2027(2) | September 10, 2027 |  | 75,000 |  |  | 4.57 | % |  | 75,000 |  |  | 7.80 | %
Senior notes – 4.24% due 2028 | December 28, 2028 |  | 100,000 |  |  | 4.24 | % |  | 100,000 |  |  | 4.24 | %
Senior notes – 4.82% due 2029 | June 28, 2029 |  | 100,000 |  |  | 4.82 | % |  | 100,000 |  |  | 4.82 | %
Senior notes – 4.75% due 2030 | September 15, 2030 |  | 400,000 |  |  | 4.75 | % |  | 400,000 |  |  | 4.75 | %
Senior notes – 4.95% due 2031 | December 15, 2031 |  | 350,000 |  |  | 4.95 | % |  | 350,000 |  |  | 4.95 | %
Senior notes – 5.20% due 2032 | August 15, 2032 |  | 300,000 |  |  | 5.20 | % |  | — |  |  | — | %
Senior notes – 5.50% due 2034(3) | March 1, 2034 |  | 350,000 |  |  | 4.60 | % |  | 350,000 |  |  | 4.60 | %
Total senior unsecured notes |  |  | $ | 2,250,000 |  |  |  |  | $ | 2,380,000 |  |  |
(1)As of December 31, 2024, $80,000 of 4.47% senior unsecured notes due 2025 had been swapped to a variable rate of three-month SOFR plus 3.65% through September 10, 2025. (2)As of December 31, 2024, $75,000 of 4.57% senior unsecured notes due 2027 had been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025. (3)The coupon rate 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, 2025 |  | December 31, 2024
| Maturity Date |  | Balance |  | Interest Rate |  | Balance |  | Interest Rate
Unsecured term loan due 2026 – fixed rate(1) | July 17, 2026 |  | $ | — |  |  | — | % |  | $ | 150,000 |  |  | 2.73 | %
Unsecured term loan due 2027 – fixed rate(2) | October 24, 2027 |  | 250,000 |  |  | 3.84 | % |  | 250,000 |  |  | 3.94 | %
Unsecured term loan due 2029 – fixed rate(3) | July 29, 2029 |  | 300,000 |  |  | 3.76 | % |  | 300,000 |  |  | 3.72 | %
Total unsecured term loans |  |  | $ | 550,000 |  |  |  |  | $ | 700,000 |  |  |
Unsecured credit facility revolving line of credit – variable rate(4) | October 3, 2028 |  | $ | — |  |  | 5.29 | % |  | $ | — |  |  | 5.64 | %
(1)As of December 31, 2024, $150,000 of SOFR-based variable rate debt had 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. These interest rate swaps were assigned to the $300M Term Loan effective August 1, 2025. (2)$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 ranging from 0.75% to 1.60% through October 24, 2025. The applicable credit spread was 0.85% and 0.95% as of September 30, 2025 and December 31, 2024, respectively. 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. (3)As of September 30, 2025, $150,000 of the $300,000 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 0.85% as of September 30, 2025. The interest rate shown is the weighted average rate as of September 30, 2025. As of December 31, 2024, $300,000 of SOFR-based variable rate debt had 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. (4)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 September 30, 2025, considering the impact of interest rate swaps, is summarized below (dollars in thousands):
| Amount Outstanding |  | Ratio |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate debt(1) | $ | 2,781,462 |  |  | 94 | % |  | 4.24 | % |  | 4.5
Variable rate debt | 162,800 |  |  | 6 | % |  | 5.08 | % |  | 3.6
Debt discounts, premiums and issuance costs, net | (2,714) |  |  | N/A |  | N/A |  | N/A
Mortgage and other indebtedness, net | $ | 2,941,548 |  |  | 100 | % |  | 4.29 | % |  | 4.5
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of September 30, 2025, $400.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 0.3 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, 2025 (dollars in thousands):
|  |  |  |  |  |  |  | Leverage-Based Pricing |  | Investment-Grade Pricing
Credit Agreement |  | Maturity Date |  | Extension Options |  | Extension Fee |  | Credit Spread |  | Facility Fee |  | Credit Spread |  | Facility Fee
$1,100,000 unsecured revolving line of credit |  | October 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%
The following table summarizes the key terms of the unsecured term loans as of September 30, 2025 (dollars in thousands):
Unsecured Term Loans |  | Maturity Date |  | Investment-Grade Pricing Credit Spread
$250,000 unsecured term loan due 2027 |  | October 24, 2027(1) |  | 0.75% – 1.60%
$300,000 unsecured term loan due 2029 |  | July 29, 2029 |  | 0.75% – 1.60%
(1)The maturity date may be extended by one one-year period 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 (loss) are as follows (in thousands):
| Nine Months Ended September 30,
| 2025 |  | 2024
Amortization of deferred leasing costs, lease intangibles and other | $ | 48,441 |  |  | $ | 59,549 |
Amortization of above-market lease intangibles | $ | 5,857 |  |  | $ | 7,309 |
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 (loss) (in thousands):
| Nine Months Ended September 30,
| 2025 |  | 2024
Amortization of debt issuance costs | $ | 5,124 |  |  | $ | 2,978 |
Schedule of Amortization of Debt Discounts, Premiums and Hedge Instruments | The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (loss) (in thousands):
| Nine Months Ended September 30,
| 2025 |  | 2024
Amortization of debt discounts, premiums and hedge instruments | $ | 5,623 |  |  | $ | 10,581 |
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, 2025 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 2025 through December 2025 | $ | 1,598 |
2026 | 5,786 |
2027 | 4,709 |
2028 | 4,699 |
2029 | 3,773 |
Thereafter | (53) |
Total unamortized debt discounts, premiums and hedge instruments | $ | 20,512 |
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, 2025 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 | $ | 19,755 |
Unamortized hedge instruments | 757 |
Total unamortized debt discounts, premiums and hedge instruments | 20,512 |
Unamortized hedge instruments (included in accumulated other comprehensive income) | (757) |
Unamortized discounts and premiums, net | $ | 19,755 |

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