XML 62 R47.htm IDEA: XBRL DOCUMENT
v3.25.2

Corporate Indebtedness (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Senior Unsecured Notes and Other Related Disclosures by Scheduled Maturity Date | The following table sets forth our senior unsecured notes and other related disclosures as of June 30, 2025 and December 31, 2024, respectively, by scheduled maturity date (dollars in thousands):
Issuance |  | June 30, 2025 Unpaid Principal Balance |  | June 30, 2025 Accreted Balance |  | December 31, 2024 Accreted Balance |  | Interest Rate (1) |  | Initial Term (in Years) |  | Maturity Date
December 17, 2015 ⁽²⁾ |  | $ | 100,000 |  |  | $ | 100,000 |  |  | $ | 100,000 |  |  |  | 4.27 | % |  | 10 |  | December 2025
|  | $ | 100,000 |  |  | $ | 100,000 |  |  | $ | 100,000 |  |  |  |  |  |  |  |
Deferred financing costs, net |  | — |  |  | (51) |  |  | (103) |  |  |  |  |  |  |  |
|  | $ | 100,000 |  |  | $ | 99,949 |  |  | $ | 99,897 |  |  |  |  |  |  |  |
(1)Interest rate as of June 30, 2025. (2)Issued by the Company and the Operating Partnership as co-obligors in a private placement.
Schedule of Combined Aggregate Principal Maturities | Combined aggregate principal maturities of mortgages and other loans payable, the 2021 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of June 30, 2025, including as-of-right extension options but excluding other extension options, were as follows (in thousands):
| Scheduled Amortization |  | Principal |  | Revolving Credit Facility |  | Unsecured Term Loans |  | Trust Preferred Securities |  | Senior Unsecured Notes |  | Total |  | Joint Venture Debt
Remaining 2025 | $ | — |  |  | $ | 370,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 100,000 |  |  | $ | 470,000 |  |  | $ | 1,120,691 |
2026 | — |  |  | 190,148 |  |  | — |  |  | 100,000 |  |  | — |  |  | — |  |  | 290,148 |  |  | 1,009,242 |
2027 | — |  |  | 926,153 |  |  | 360,000 |  |  | 1,050,000 |  |  | — |  |  | — |  |  | 2,336,153 |  |  | 1,730,905 |
2028 | — |  |  | 284,775 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 284,775 |  |  | 382,294 |
2029 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Thereafter | — |  |  | 272,326 |  |  | — |  |  | — |  |  | 100,000 |  |  | — |  |  | 372,326 |  |  | 1,800,300 |
| $ | — |  |  | $ | 2,043,402 |  |  | $ | 360,000 |  |  | $ | 1,150,000 |  |  | $ | 100,000 |  |  | $ | 100,000 |  |  | $ | 3,753,402 |  |  | $ | 6,043,432 |
Schedule of Consolidated Interest Expense, Excluding Capitalized Interest | Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense before capitalized interest | $ | 52,592 |  |  | $ | 49,503 |  |  | $ | 104,640 |  |  | $ | 98,371 |
Interest on financing leases | 1,138 |  |  | 1,124 |  |  | 2,272 |  |  | 2,244 |
Capitalized interest | (6,637) |  |  | (13,786) |  |  | (13,107) |  |  | (31,733) |
Amortization of discount on assumed debt | 164 |  |  | 164 |  |  | 324 |  |  | 164 |
Interest income | (1,939) |  |  | (1,202) |  |  | (3,130) |  |  | (2,070) |
Interest expense, net | $ | 45,318 |  |  | $ | 35,803 |  |  | $ | 90,999 |  |  | $ | 66,976 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration