XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.24.3

Indebtedness | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Indebtedness | NOTE 5: Indebtedness Private Placement of $150 million of Unsecured Notes On August 19, 2024, we entered into a Note and Guaranty Agreement granting us the right to sell up to $150,000 of unsecured notes (the “Private Placement”), consisting of $75,000 aggregate principal amount of unsecured notes due October 1, 2031 and $75,000 aggregate principal amount of unsecured notes due October 1, 2034, to an institutional investor in a Private Placement at fixed annual interest rates of 5.32% and 5.53%, respectively. On October 1, 2024, the Private Placement was funded with proceeds to be used to repay approximately $132,000 of property mortgages maturing in late 2024 and early 2025, with the remaining $18,000 to reduce the borrowings under our unsecured credit facility. 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 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 |  |
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 September 30, 2024, we were in compliance with all financial covenants contained in our consolidated indebtedness.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: 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 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration