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Debt, Net (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of debt

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

									Carrying Value (1) as of												June 30, 2023
									June 30, 2023						December 31, 2022
																		Stated Interest Rates						Scheduled Maturity
Mortgage and Other Secured Debt:
Fixed rate mortgage debt									$	67,415					$	84,433					3.82% to 4.62% (2)						2024-2026
Variable rate secured debt									33,106						33,318						SOFR + 0.10% + 1.45% to 1.55% (3)						2025-2026
Total mortgage and other secured debt									100,521						117,751
Revolving Credit Facility									171,000						211,000						SOFR + 0.10% + 0.725% to 1.400% (4)						October 2026 (5)
Term Loan Facility									124,120						123,948						SOFR + 0.10% + 0.850% to 1.700% (6)						January 2026 (7)
Unsecured Senior Notes
2.25%, $400,000 aggregate principal									397,071						396,539						2.25% (8)						March 2026
2.00%, $400,000 aggregate principal									397,229						396,988						2.00% (9)						January 2029
2.75%, $600,000 aggregate principal									590,664						590,123						2.75% (10)						April 2031
2.90%, $400,000 aggregate principal									395,055						394,848						2.90% (11)						December 2033
Unsecured note payable									514						597						0% (12)						May 2026
Total debt, net									$	2,176,174					$	2,231,794

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $4.8 million as of June 30, 2023 and $5.4 million as of December 31, 2022.

(2)The weighted average interest rate on our fixed rate mortgage debt was 4.10% as of June 30, 2023.

(3)Including the effect of interest rate swaps that hedge the risk of interest rate changes, the weighted average interest rate on our variable rate secured debt as of June 30, 2023 was 2.45%; excluding the effect of these swaps, the weighted average interest rate on this debt as of June 30, 2023 was 6.67%.

(4)The weighted average interest rate on the Revolving Credit Facility was 6.28% as of June 30, 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).

(5)The facility matures in October 2026, with the ability for us to extend such maturity by two six-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.0625% of the total availability under the facility for each extension period.

(6)The interest rate on this loan was 6.56% as of June 30, 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).

(7)This facility matures in January 2026, with the ability for us to extend such maturity by two 12-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.125% of the outstanding loan balance for each extension period.

(8)The carrying value of these notes reflects an unamortized discount totaling $2.4 million as of June 30, 2023 and $2.8 million as of December 31, 2022. The effective interest rate under the notes, including amortization of the issuance costs, was 2.48%.

(9)The carrying value of these notes reflects an unamortized discount totaling $2.0 million as of June 30, 2023 and $2.1 million as of December 31, 2022. The effective interest rate under the notes, including amortization of the issuance costs, was 2.09%.

(10)The carrying value of these notes reflects an unamortized discount totaling $8.1 million as of June 30, 2023 and $8.5 million as of December 31, 2022. The effective interest rate under the notes, including amortization of the issuance costs, was 2.94%.

(11)The carrying value of these notes reflects an unamortized discount totaling $4.1 million as of June 30, 2023 and $4.2 million as of December 31, 2022. The effective interest rate under the notes, including amortization of the issuance costs, was 3.01%.

(12)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 $47,000 as of June 30, 2023 and $65,000 as of December 31, 2022.

Schedule of debt maturities

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

Year Ending December 31,						June 30, 2023
2023 (1)						$	1,516
2024						29,983
2025						23,717
2026						742,300
2027						—
Thereafter						1,400,000
Total						$	2,197,516		(2)

(1)Represents the six months ending December 31, 2023.

(2)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $21.3 million.

Schedule of the fair value of debt

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

			June 30, 2023												December 31, 2022
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Fixed-rate debt
Unsecured Senior Notes			$	1,780,019					$	1,401,467					$	1,778,498					$	1,433,561
Other fixed-rate debt			67,929						63,545						85,030						80,330
Variable-rate debt			328,226						328,340						368,266						367,896
			$	2,176,174					$	1,793,352					$	2,231,794					$	1,881,787

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-SubTopic 10
-Topic 470
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