XML 50 R29.htm IDEA: XBRL DOCUMENT v3.22.4
Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Information Concerning Indebtedness
The following tables contain summary information concerning our consolidated indebtedness as of December 31, 2022:
Debt:Outstanding PrincipalUnamortized Debt Issuance CostsUnamortized Loan (Discount)/PremiumsCarrying AmountType
Weighted
Average Rate (3)
Weighted
Average
Maturity
(in years)
Unsecured revolver (1)
$165,978 $(1,695)$— $164,283 Floating4.9%3.1
Unsecured term loans600,000 (3,388)— 596,612 Floating5.1%4.5
Secured credit
  facilities (2)
635,128 (2,256)27,670 660,542 Floating/Fixed4.3%5.9
Mortgages1,185,246 (7,305)32,267 1,210,208 Fixed3.9%5.2
Total Debt$2,586,352 $(14,644)$59,937 $2,631,645 4.5%5.1
(1)
The unsecured revolver total capacity is $500,000, of which $165,978 was outstanding as of December 31, 2022.
(2)
The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2022, respectively.
(3)
Represents the weighted average of the contractual interest rates in effect as of quarter-end without regard to any interest rate swaps or collars. Our total weighted average effective interest rate as of the year ended December 31, 2022, after giving effect to the impact of interest rate swaps and collars, and excluding the impact of loan premium amortization and discount accretion was 4.1%.
The following tables contains summary information concerning our consolidated indebtedness as of December 31, 2021:
Debt:Outstanding PrincipalUnamortized Debt Issuance CostsUnamortized Loan (Discount)/PremiumsCarrying AmountType
Weighted
Average Rate (3)
Weighted
Average
Maturity
(in years)
Unsecured revolver (1)
$277,003 $(2,894)$— $274,109 Floating1.5%4.1
Unsecured term loans500,000 (2,049)— 497,951 Floating1.4%3.2
Secured credit
  facilities (2)
635,128 (2,840)32,330 664,618 Floating/Fixed4.0%6.9
Mortgages 1,238,612 (9,210)39,256 1,268,658 Fixed3.9%6.1
Total Debt$2,650,743 $(16,993)$71,586 $2,705,336  3.2%5.6
(1)
The unsecured credit facility total capacity was $500,000, of which $277,003 was outstanding as of December 31, 2021.
(2)
The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2021, respectively.
(3)
Represents the weighted average of the contractual interest rates in effect as of quarter-end without regard to any interest rate swaps or collars. Our total weighted average effective interest rate as of the year ended December 31, 2021, after giving effect to the impact of interest rate swaps and collars, and excluding the impact of loan premium amortization and discount accretion was 2.9%.
Schedule of Maturities of Long-Term Debt
As of December 31, 2022 we were in compliance with all financial covenants contained in our consolidated indebtedness.
Original maturities on or before December 31,
Debt:20232024202520262027Thereafter
Unsecured revolver$— $— $— $165,978 $— $— 
Unsecured term loans— — — 200,000 — 400,000 
Secured credit facilities— — 3,525 10,493 11,462 609,648 
Mortgages 9,677 69,012 173,910 144,942 15,943 771,762 
Total$9,677 $69,012 $177,435 $521,413 $27,405 $1,781,410 
Schedule of Mortgage Payoffs
The following table summarizes the mortgage payoffs during the years ended December 31, 2022 and 2021.
AmountWeighted Average Interest Rate
Mortgage payoffs in 2021
$305,804 3.81 %
Mortgage payoffs in 2022
46,046 3.60 %
$351,850 3.78 %