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Indebtedness | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Indebtedness | NOTE 5: Indebtedness The following tables contain summary information concerning our consolidated indebtedness, including indebtedness secured by real estate held for sale, as of March 31, 2024:
Consolidated Debt: |  | Outstanding Principal |  | Unamortized Debt Issuance Costs |  | Unamortized Loan (Discount)/Premiums |  | Carrying Amount |  | Type |  | Weighted Average Contractual Rate (3) |  | Weighted Average Hedged Effective Rate (4) |  | Weighted Average Maturity (in years)
Unsecured revolver (1) |  | $ | 108,978 |  |  | $ | (884) |  |  | $ | — |  |  | $ | 108,094 |  |  | Floating |  | 6.6% |  | 4.8% |  | 1.8
Unsecured term loans |  | 600,000 |  |  | (2,302) |  |  | — |  |  | 597,698 |  |  | Floating |  | 6.5% |  | 4.4% |  | 3.3
Secured credit facilities |  | 585,635 |  |  | (2,210) |  |  | 20,594 |  |  | 604,019 |  |  | Fixed |  | 4.2% |  | 4.4% |  | 4.7
Mortgages (2) |  | 952,396 |  |  | (4,319) |  |  | 19,210 |  |  | 967,287 |  |  | Fixed |  | 3.8% |  | 4.0% |  | 4.2
Total Consolidated Debt |  | $ | 2,247,009 |  |  | $ | (9,715) |  |  | $ | 39,804 |  |  | $ | 2,277,098 |  |  |  |  | 4.8% |  | 4.2% |  | 3.9
(1)The unsecured revolver total capacity is $500,000, of which $108,978 was outstanding as of March 31, 2024. (2)Includes indebtedness secured by real estate held for sale of $64,825. (3)Represents the weighted average of the contractual interest rates in effect as of the three months ended March 31, 2024, without regard to any interest rate swaps or collars. (4)Represents the weighted average effective interest rates for the three months ended March 31, 2024, including the impact of interest rate swaps and collars, the amortization of hedging costs, and deferred financing costs, 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 March 31, 2024:
|  | Scheduled maturities on our consolidated indebtedness outstanding as of March 31, 2024
Consolidated Debt: |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |
Unsecured revolver |  | $ | — |  |  | $ | — |  |  | $ | 108,978 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Unsecured term loans |  | — |  |  | — |  |  | 200,000 |  |  | — |  |  | 400,000 |  |  | — |  |
Secured credit facilities |  | — |  |  | 3,065 |  |  | 9,111 |  |  | 10,081 |  |  | 453,937 |  |  | 109,441 |  |
Mortgages (1) |  | 19,626 |  |  | 134,170 |  |  | 128,984 |  |  | 13,600 |  |  | 181,161 |  |  | 474,855 |  |
Total |  | $ | 19,626 |  |  | $ | 137,235 |  |  | $ | 447,073 |  |  | $ | 23,681 |  |  | $ | 1,035,098 |  |  | $ | 584,296 |  |
(1)Includes indebtedness secured by real estate held for sale. The following table contains summary information concerning our consolidated indebtedness, including indebtedness secured by real estate held for sale, as of December 31, 2023:
Consolidated Debt: |  | Outstanding Principal |  | Unamortized Debt Issuance Costs |  | Unamortized Loan (Discount)/Premiums |  | Carrying Amount |  | Type |  | Weighted Average Contractual Rate (3) |  | Weighted Average Hedged 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 Consolidated Debt |  | $ | 2,515,698 |  |  | $ | (10,772) |  |  | $ | 44,483 |  |  | $ | 2,549,409 |  |  |  |  | 4.8% |  | 4.2% |  | 4.0
(1)The unsecured revolver total capacity was $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 December 31, 2023, without regard to any interest rate swaps or collars. (4)Represents the total weighted average effective interest rates 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. As of March 31, 2024, we were in compliance with all financial covenants contained in our consolidated indebtedness. In connection with property sales associated with our Portfolio Optimization and Deleveraging Strategy, we paid off mortgages totaling $140,158 and made paydowns on our secured revolver totaling $151,868 during the three months ended March 31, 2024.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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