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Indebtedness (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Information Concerning Indebtedness | The following tables contain summary information concerning our consolidated indebtedness, including indebtedness secured by real estate held for sale as of December 31, 2023:
Debt: | Outstanding Principal |  | Unamortized Debt Issuance Costs |  | Unamortized Loan (Discount)/Premiums |  | Carrying Amount |  | Type |  | Weighted Average Contractual Rate (3) |  | Weighted Average Effective Rate (4) |  | Weighted Average Maturity (in years)
Unsecured revolver (1) | $ | 234,479 |  |  | $ | (1,117) |  |  | $ | — |  |  | $ | 233,362 |  |  | Floating |  | 6.6% |  | 5.4% |  | 2.1
Unsecured term loans | 600,000 |  |  | (2,456) |  |  | — |  |  | 597,544 |  |  | Floating |  | 6.5% |  | 3.9% |  | 3.5
Secured credit facilities | 586,286 |  |  | (1,949) |  |  | 21,762 |  |  | 606,099 |  |  | Floating/Fixed |  | 4.2% |  | 4.6% |  | 4.9
Mortgages (2) | 1,094,933 |  |  | (5,250) |  |  | 22,721 |  |  | 1,112,404 |  |  | Fixed |  | 3.8% |  | 4.0% |  | 4.3
Total Debt | $ | 2,515,698 |  |  | $ | (10,772) |  |  | $ | 44,483 |  |  | $ | 2,549,409 |  |  |  |  | 4.8% |  | 4.2% |  | 4.0
(1)The unsecured revolver total capacity is $500,000, of which $234,479 was outstanding as of December 31, 2023. (2)Includes indebtedness secured by real estate held for sale of $122,621. (3)Represents the weighted average of the contractual interest rates in effect as of year-end without regard to any interest rate swaps or collars. (4)Represents the total weighted average effective interest rate for the full year ended December 31, 2023, after giving effect to all components of interest expense including the impact of interest rate swaps and collars, but excluding the impact of loan premium amortization, discount accretion, and interest capitalization. The following table contains summary information concerning our consolidated indebtedness as of December 31, 2022:
Debt: | Outstanding Principal |  | Unamortized Debt Issuance Costs |  | Unamortized Loan (Discount)/Premiums |  | Carrying Amount |  | Type |  | Weighted Average Rate (2) |  | Weighted Average Maturity (in years)
Unsecured revolver (1) | $ | 165,978 |  |  | $ | (1,695) |  |  | $ | — |  |  | $ | 164,283 |  |  | Floating |  | 4.9% |  | 3.1
Unsecured term loans | 600,000 |  |  | (3,388) |  |  | — |  |  | 596,612 |  |  | Floating |  | 5.1% |  | 4.5
Secured credit facilities | 635,128 |  |  | (2,256) |  |  | 27,670 |  |  | 660,542 |  |  | Floating/Fixed |  | 4.3% |  | 5.9
Mortgages | 1,185,246 |  |  | (7,305) |  |  | 32,267 |  |  | 1,210,208 |  |  | Fixed |  | 3.9% |  | 5.2
Total Debt | $ | 2,586,352 |  |  | $ | (14,644) |  |  | $ | 59,937 |  |  | $ | 2,631,645 |  |  |  |  | 4.5% |  | 5.1
(1)The unsecured credit facility total capacity was $500,000, of which $165,978 was outstanding as of December 31, 2022. (2)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%. As of December 31, 2023 we were in compliance with all financial covenants contained in our consolidated indebtedness.
Schedule of Maturities of Long-Term Debt |
| Original maturities on or before December 31,
Debt: | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter
Unsecured revolver | $ | — |  |  | $ | — |  |  | $ | 234,479 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Unsecured term loans | — |  |  | — |  |  | 200,000 |  |  | — |  |  | 400,000 |  |  | — |
Secured credit facilities | — |  |  | 3,065 |  |  | 9,111 |  |  | 10,081 |  |  | 454,589 |  |  | 109,440 |
Mortgages (1) | 66,827 |  |  | 135,924 |  |  | 144,235 |  |  | 15,198 |  |  | 200,659 |  |  | 532,090 |
Total | $ | 66,827 |  |  | $ | 138,989 |  |  | $ | 587,825 |  |  | $ | 25,279 |  |  | $ | 1,055,248 |  |  | $ | 641,530 |
(1)Includes indebtedness secured by real estate held for sale.
Schedule of Mortgage Payoffs | The following table summarizes the mortgage payoffs during the years ended December 31, 2023 and 2022.
| Amount |  | Weighted Average Interest Rate
Mortgage payoffs in 2022 | $ | 46,046 |  |  | 3.60 | %
Mortgage payoffs in 2023 | 121,018 |  |  | 5.87 | %
| $ | 167,064 |  |  | 5.24 | %

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