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Bank and Other Notes Payable
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Bank and Other Notes Payable
Bank and other notes payable consist of the following:
Credit Facility:
On September 11, 2023, the Company and the Operating Partnership entered into an amended and restated credit agreement, which amended and restated their prior credit agreement, and provides for an aggregate $650,000 revolving credit facility that matures on February 1, 2027, with a one-year extension option. The revolving credit facility can be expanded up to $950,000, subject to receipt of lender commitments and other conditions. All obligations under the revolving credit facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The revolving credit facility bears interest, at the Operating Partnership’s option, at either the base rate (as defined in the credit agreement) or adjusted term SOFR (as defined in the credit agreement) plus, in both cases, an applicable margin. The applicable margin depends on the Company’s overall leverage ratio and ranges from 1.00% to 2.50% over the selected index rate. Adjusted term SOFR is Term SOFR (as defined in the credit agreement) plus 0.10% per annum.
As of June 30, 2025, the borrowing rate was SOFR plus a spread of 2.10%. As of June 30, 2025, borrowings under the revolving credit facility were $100,000 less unamortized deferred finance costs of $9,784 for the revolving credit facility at a total effective interest rate of 7.17%. As of June 30, 2025, the Company’s availability under the revolving credit facility for additional borrowings was $549,409. The estimated fair value (Level 2 measurement) of borrowings under the revolving credit facility at June 30, 2025 was $101,794 for the revolving credit facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt. On August 8, 2025, the outstanding borrowings of $100,000 under the revolving credit facility were paid in full from the loan proceeds of the Crabtree Mall financing (See Note 22—Subsequent Events).
As of June 30, 2025 and December 31, 2024, the Company was in compliance with all applicable financial loan covenants.