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Indebtedness (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Summary of Information Concerning Indebtedness | The following tables contain summary information concerning our consolidated indebtedness, as of September 30, 2024:
Consolidated Debt: |  | Outstanding Principal |  | Unamortized Debt Issuance Costs |  | Unamortized Loan (Discount)/Premiums |  | Carrying Amount |  | Type |  | Weighted Average Contractual Rate (2) |  | Weighted Average Hedged Effective Rate (3) |  | Weighted Average Maturity (in years)
Unsecured revolver (1) |  | $ | 191,478 |  |  | $ | (803) |  |  | $ | — |  |  | $ | 190,675 |  |  | Floating |  | 6.6% |  | 4.8% |  | 1.3
Unsecured term loans |  | 600,000 |  |  | (1,992) |  |  | — |  |  | 598,008 |  |  | Floating |  | 6.5% |  | 4.0% |  | 2.8
Secured credit facilities |  | 585,635 |  |  | (1,847) |  |  | 18,230 |  |  | 602,018 |  |  | Fixed |  | 4.2% |  | 4.4% |  | 4.2
Mortgages |  | 883,869 |  |  | (3,458) |  |  | 15,740 |  |  | 896,151 |  |  | Fixed |  | 3.8% |  | 4.0% |  | 3.6
Private placement notes (4) |  | — |  |  | (158) |  |  | — |  |  | (158) |  |  |  |  | — |  | — |  | —
Total Consolidated Debt |  | $ | 2,260,982 |  |  | $ | (8,258) |  |  | $ | 33,970 |  |  | $ | 2,286,694 |  |  |  |  | 4.9% |  | 4.2% |  | 3.3
(1)The unsecured revolver total capacity is $500,000, of which $191,478 was outstanding as of September 30, 2024. (2)Represents the weighted average of the contractual interest rates in effect as of the three months ended September 30, 2024, without regard to any interest rate swaps or collars. (3)Represents the weighted average effective interest rates for the three months ended September 30, 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. (4)Represents the unamortized debt issuance costs associated with the Private Placement described above. 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.
Summary of Maturities of Long-term Debt | The following table contains summary information concerning our consolidated indebtedness as of September 30, 2024:
|  | Scheduled maturities on our consolidated indebtedness outstanding as of September 30, 2024
Consolidated Debt: |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |
Unsecured revolver |  | $ | — |  |  | $ | — |  |  | $ | 191,478 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Unsecured term loans |  | — |  |  | — |  |  | 200,000 |  |  | — |  |  | 400,000 |  |  | — |  |
Secured credit facilities |  | — |  |  | 3,065 |  |  | 9,111 |  |  | 10,081 |  |  | 453,937 |  |  | 109,441 |  |
Mortgages |  | 14,694 |  |  | 132,964 |  |  | 127,772 |  |  | 12,341 |  |  | 179,861 |  |  | 416,237 |  |
Total |  | $ | 14,694 |  |  | $ | 136,029 |  |  | $ | 528,361 |  |  | $ | 22,422 |  |  | $ | 1,033,798 |  |  | $ | 525,678 |  |

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