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Mortgages and Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Consolidated Mortgages and Notes Payable | Our mortgages and notes payable consisted of the following:
| December 31,
| 2024 |  | 2023
Secured indebtedness (1): |  |  |
5.69% mortgage loan due 2028 | $ | 200,000 |  |  | $ | 200,000 |
7.29% mortgage loan due 2028 (2) | 44,965 |  |  | 45,000 |
4.27% (3.61% effective rate) mortgage loan due 2028 (3) | 107,584 |  |  | 110,391 |
4.00% mortgage loan due 2029 | 84,712 |  |  | 87,003 |
3.61% (3.19% effective rate) mortgage loan due 2029 (4) | 84,054 |  |  | 84,360 |
3.40% (3.50% effective rate) mortgage loan due 2033 (5) | 69,575 |  |  | 69,524 |
4.60% (3.73% effective rate) mortgage loan due 2037 (6) | 121,296 |  |  | 124,474 |
| 712,186 |  |  | 720,752 |
Unsecured indebtedness: |  |  |
3.875% (4.038% effective rate) notes due 2027 (7) | 299,134 |  |  | 298,734 |
4.125% (4.271% effective rate) notes due 2028 (8) | 348,690 |  |  | 348,276 |
4.200% (4.234% effective rate) notes due 2029 (9) | 349,583 |  |  | 349,484 |
3.050% (3.079% effective rate) notes due 2030 (10) | 399,498 |  |  | 399,400 |
2.600% (2.645% effective rate) notes due 2031 (11) | 399,048 |  |  | 398,892 |
7.650% (7.836% effective rate) notes due 2034 (12) | 345,862 |  |  | 345,407 |
Variable rate term loan due 2026 (13) | 200,000 |  |  | 200,000 |
Variable rate term loan due 2027 (13) | 150,000 |  |  | 150,000 |
Revolving credit facility due 2028 (14) | 104,000 |  |  | 20,000 |
| 2,595,815 |  |  | 2,510,193 |
Less-unamortized debt issuance costs | (14,442) |  |  | (17,739) |
Total mortgages and notes payable, net | $ | 3,293,559 |  |  | $ | 3,213,206 |
__________ (1)Our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $1,245.0 million as of December 31, 2024. We paid down $7.1 million of secured loan balances through principal amortization during 2024. (2)The borrower under this loan is our Midtown West joint venture, a consolidated 80.0% owned joint venture. See Note 4. (3)Net of unamortized fair market value premium of $2.1 million and $2.7 million as of December 31, 2024 and 2023, respectively. (4)Net of unamortized fair market value premium of $1.4 million and $1.7 million as of December 31, 2024 and 2023, respectively. (5)Net of unamortized fair market value discount of $0.4 million and $0.5 million as of December 31, 2024 and 2023, respectively. (6)Net of unamortized fair market value premium of $8.0 million and $8.6 million as of December 31, 2024 and 2023, respectively. (7)Net of unamortized original issuance discount of $0.9 million and $1.3 million as of December 31, 2024 and 2023, respectively. (8)Net of unamortized original issuance discount of $1.3 million and $1.7 million as of December 31, 2024 and 2023, respectively. (9)Net of unamortized original issuance discount of $0.4 million and $0.5 million as of December 31, 2024 and 2023, respectively. (10)Net of unamortized original issuance discount of $0.5 million and $0.6 million as of December 31, 2024 and 2023, respectively. (11)Net of unamortized original issuance discount of $1.0 million and $1.1 million as of December 31, 2024 and 2023, respectively. (12)Net of unamortized original issuance discount of $4.1 million and $4.6 million as of December 31, 2024 and 2023, respectively. (13)The interest rate was 5.35% as of December 31, 2024. (14)The interest rate was 5.25% as of December 31, 2024.
Schedule of Long-term Debt Instruments | The following table sets forth scheduled future principal payments, including amortization, due on our mortgages and notes payable as of December 31, 2024:
Years Ending December 31, |  | Amount
2025 |  | $ | 7,156 |
2026 |  | 206,922 |
2027 |  | 458,976 |
2028 |  | 803,168 |
2029 |  | 517,267 |
Thereafter |  | 1,314,512 |
Less-unamortized debt issuance costs |  | (14,442) |
|  | $ | 3,293,559 |

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