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Mortgages and Notes Payable | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Mortgages and Notes Payable | Mortgages and Notes Payable The following table sets forth our mortgages and notes payable:
| June 30, 2025 |  | December 31, 2024
Secured indebtedness | $ | 707,567 |  |  | $ | 712,186 |
Unsecured indebtedness | 2,639,626 |  |  | 2,595,815 |
Less-unamortized debt issuance costs | (12,808) |  |  | (14,442) |
Total mortgages and notes payable, net | $ | 3,334,385 |  |  | $ | 3,293,559 |
As of June 30, 2025, our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $1,240.4 million. Our $750.0 million unsecured revolving credit facility is scheduled to mature in January 2028 (but can be extended for two additional six-month periods at our option assuming no defaults have occurred). The interest rate on our revolving credit facility is SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 85 basis points, based on current credit ratings. The annual facility fee is 20 basis points. The interest rate and facility fee are based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services. The interest rate may be adjusted upward or downward by 2.5 basis points depending upon whether or not we achieve certain pre-determined sustainability goals with respect to the ongoing reduction of greenhouse gas emissions. There was $147.0 million and $137.0 million outstanding under our revolving credit facility as of June 30, 2025 and July 22, 2025, respectively. As of both June 30, 2025 and July 22, 2025, we had $0.1 million of outstanding letters of credit, which reduce the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility as of June 30, 2025 and July 22, 2025 was $602.9 million and $612.9 million, respectively. We are currently in compliance with financial covenants with respect to our consolidated debt. We have considered our short-term liquidity needs within one year from July 29, 2025 (the date of issuance of the quarterly financial statements) and the adequacy of our estimated cash flows from operating activities and other available financing sources to meet these needs. In particular, we have given consideration to our scheduled debt maturities during such one-year period, which consists of a $200.0 million unsecured bank term loan that is scheduled to mature in May 2026. We have concluded it is probable we will meet these short-term liquidity requirements through a combination of the following: •available cash and cash equivalents; •cash flows from operating activities; •issuance of debt securities by the Operating Partnership; •issuance of secured debt; •bank term loans; •borrowings under our revolving credit facility; •issuance of equity securities by the Company or the Operating Partnership; and •the disposition of non-core assets.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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