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Indebtedness (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024:
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) | $ | 194,478 |  |  | $ | (526) |  |  | $ | — |  |  | $ | 193,952 |  |  | Floating |  | 5.5% |  | 4.8% |  | 4.0
Unsecured term loans | 600,000 |  |  | (1,831) |  |  | — |  |  | 598,169 |  |  | Floating |  | 5.6% |  | 4.0% |  | 2.5
Secured credit facilities | 585,635 |  |  | (1,901) |  |  | 17,034 |  |  | 600,768 |  |  | Fixed |  | 4.2% |  | 4.4% |  | 3.9
Mortgages (2) | 780,794 |  |  | (3,175) |  |  | 14,687 |  |  | 792,306 |  |  | Fixed |  | 3.8% |  | 4.0% |  | 3.7
Unsecured notes | 150,000 |  |  | (1,512) |  |  | — |  |  | 148,488 |  |  | Fixed |  | 5.4% |  | 5.6% |  | 8.3
Total Debt | $ | 2,310,907 |  |  | $ | (8,945) |  |  | $ | 31,721 |  |  | $ | 2,333,683 |  |  |  |  | 4.6% |  | 4.3% |  | 3.8
(1)The unsecured revolver total capacity was $500,000, of which $194,478 was outstanding as of December 31, 2024. On January 8, 2025, we amended and restated our unsecured credit agreement, which increased our revolver capacity to $750,000, and extended the maturity date of borrowings under the unsecured revolver to January 8, 2029. (2)Includes indebtedness secured by real estate held for sale of $59,032. (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 three months ended December 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 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 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 December 31, 2024 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: | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Unsecured revolver (1) | $ | — |  |  | $ | 194,478 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Unsecured term loans | — |  |  | 200,000 |  |  | — |  |  | 400,000 |  |  | — |  |  | — |
Secured credit facilities | 3,065 |  |  | 9,111 |  |  | 10,081 |  |  | 453,937 |  |  | 2,669 |  |  | 106,772 |
Mortgages (2) | 44,780 |  |  | 127,773 |  |  | 12,341 |  |  | 179,861 |  |  | 416,039 |  |  | — |
Unsecured notes | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 150,000 |
Total | $ | 47,845 |  |  | $ | 531,362 |  |  | $ | 22,422 |  |  | $ | 1,033,798 |  |  | $ | 418,708 |  |  | $ | 256,772 |
(1)The unsecured revolver total capacity was $500,000, of which $194,478 was outstanding as of December 31, 2024. On January 8, 2025, we amended and restated our unsecured credit agreement, which increased our revolver capacity to $750,000, and extended the maturity date of borrowings under the unsecured revolver to January 8, 2029. (2)Includes indebtedness secured by real estate held for sale of $59,032.
Schedule of Mortgage Payoffs | The following table summarizes the mortgage payoffs during the years ended December 31, 2024 and 2023:
| Amount |  | Weighted Average Interest Rate
Mortgage payoffs in 2023 | $ | 121,018 |  |  | 5.87 | %
Mortgage payoffs in 2024 | 303,464 |  |  | 3.83 | %
| $ | 424,482 |  |  | 4.41 | %

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