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MORTGAGE AND OTHER INDEBTEDNESS (Tables)
 9 Months Ended
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, 2025December 31, 2024
Mortgages payable$144,262 $148,185 
Senior unsecured notes2,250,000 2,380,000 
Unsecured term loans550,000 700,000 
Unsecured revolving line of credit— — 
2,944,262 3,228,185 
Unamortized discounts and premiums, net19,755 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, 2025December 31, 2024
BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity		BalanceWeighted 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%0.814,600 6.48%1.6
Total mortgages payable$144,262 $148,185 
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of September 30, 2025 and December 31, 2024.
(2)The interest rate on the variable rate mortgage is based on the Secured Overnight Financing Rate (“SOFR”) plus 215 basis points. The one-month SOFR rate was 4.13% and 4.33% as of September 30, 2025 and December 31, 2024, respectively.
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):
September 30, 2025December 31, 2024
Maturity DateBalanceInterest RateBalanceInterest Rate
Senior notes – 4.00% due 2025
March 15, 2025$— —%$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, 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 – 4.57% due 2027(2)
September 10, 202775,000 4.57%75,000 7.80%
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%350,000 4.95%
Senior notes – 5.20% due 2032
August 15, 2032300,000 5.20%— —%
Senior notes – 5.50% due 2034(3)
March 1, 2034350,000 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, $75,000 of 4.57% senior unsecured notes due 2027 had been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.
(3)The coupon rate is 5.50%; however, as a result of hedging activities, the Company’s interest rate is 4.60%.
The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):
September 30, 2025December 31, 2024
Maturity DateBalanceInterest RateBalanceInterest Rate
Unsecured term loan due 2026 – fixed rate(1)
July 17, 2026$— —%$150,000 2.73%
Unsecured term loan due 2027 – fixed rate(2)
October 24, 2027250,000 3.84%250,000 3.94%
Unsecured term loan due 2029 – fixed rate(3)
July 29, 2029300,000 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		RatioWeighted Average
Interest Rate		Weighted Average Years
to Maturity
Fixed rate debt(1)
$2,781,462 94%4.24%4.5
Variable rate debt162,800 6%5.08%3.6
Debt discounts, premiums and issuance costs, net(2,714)N/AN/AN/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 PricingInvestment-Grade Pricing
Credit AgreementMaturity DateExtension OptionsExtension FeeCredit SpreadFacility FeeCredit SpreadFacility 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 DateInvestment-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,
20252024
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,
20252024
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,
20252024
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 
20265,786 
20274,709 
20284,699 
20293,773 
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 instruments757 
Total unamortized debt discounts, premiums and hedge instruments20,512 
Unamortized hedge instruments (included in accumulated other comprehensive income)(757)
Unamortized discounts and premiums, net$19,755