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Debt, Net (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of debt

Our debt consisted of the following (dollars in thousands):

						Carrying Value (1) as of December 31,												December 31, 2022
															2022															2021						Stated Interest Rates						Scheduled Maturity
Mortgage and Other Secured Debt:
Fixed rate mortgage debt						$	84,433					$	86,960					3.82% - 4.62% (2)						2023-2026
Variable rate secured debt						33,318						33,667						SOFR + 0.10% + 1.45% to 1.55% (3)						2025-2026
Total mortgage and other secured debt						117,751						120,627
Revolving Credit Facility (4)						211,000						76,000						SOFR + 0.10% + 0.725% to 1.400% (5)						October 2026
Term Loan Facilities (4)						123,948						299,420						SOFR + 0.10% + 0.850% to 1.700% (6)						January 2026
Unsecured Senior Notes (4)
2.25%, $400,000 aggregate principal						396,539						395,491						2.25% (7)						March 2026
2.00%, $400,000 aggregate principal						396,988						396,512						2.00% (8)						January 2029
2.75%, $600,000 aggregate principal						590,123						589,060						2.75% (9)						April 2031
2.90%, $400,000 aggregate principal						394,848						394,441						2.90% (10)						December 2033
Unsecured note payable						597						753						0% (11)						May 2026
Total debt, net						$	2,231,794					$	2,272,304

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.4 million as of December 31, 2022 and $5.8 million as of December 31, 2021.

(2)The weighted average interest rate on our fixed rate mortgage debt was 4.07% as of December 31, 2022.

(3)The weighted average interest rate on our variable rate secured debt as of December 31, 2022 was 5.58%, or 2.45% including the effect of interest rate swaps that hedge the risk of interest rate changes on this debt.

(4)Refer to the paragraphs below for further disclosure.

(5)The weighted average interest rate on the Revolving Credit Facility was 5.47% as of December 31, 2022.

(6)The interest rate on this loan was 5.72% as of December 31, 2022.

(7)The carrying value of these notes reflects an unamortized discount totaling $2.8 million as of December 31, 2022 and $3.6 million as of December 31, 2021 The effective interest rate under the notes, including amortization of the issuance costs, was 2.48%.

(8)The carrying value of these notes reflects an unamortized discount totaling $2.1 million as of December 31, 2022 and $2.5 million as of December 31, 2021. The effective interest rate under the notes, including amortization of the issuance costs, was 2.09%.

(9)The carrying value of these notes reflects an unamortized discount totaling $8.5 million as of December 31, 2022 and $9.5 million as of December 31, 2021. The effective interest rate under the notes, including amortization of the issuance costs, was 2.94%.

(10)The carrying value of these notes reflects an unamortized discount totaling $4.2 million as of December 31, 2022 and $4.5 million as of December 31, 2021. The effective interest rate under the notes, including amortization of the issuance costs, was 3.01%.

(11)This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates.  The carrying value of this note reflects an unamortized discount totaling $65,000 as of December 31, 2022 and $108,000 as of December 31, 2021.

Schedule of debt maturities

Our debt matures on the following schedule (in thousands):

Year Ending December 31,						December 31, 2022
2023						$	18,954
2024						29,983
2025						23,717
2026						782,300
2027						—
Thereafter						1,400,000
Total						$	2,254,954		(1)

(1)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $23.2 million.

Schedule of the fair value of debt

The following table sets forth information pertaining to the fair value of our debt (in thousands):

			December 31, 2022												December 31, 2021
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Fixed-rate debt
Unsecured Senior Notes			$	1,778,498					$	1,433,561					$	1,775,504					$	1,809,950
Other fixed-rate debt			85,030						80,330						87,713						87,339
Variable-rate debt			368,266						367,896						409,087						409,639
			$	2,231,794					$	1,881,787					$	2,272,304					$	2,306,928

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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