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Debt, Net (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of debt

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

									Carrying Value (1) as of												September 30, 2023
									September 30, 2023						December 31, 2022
																		Stated Interest Rates						Scheduled Maturity
Mortgage and Other Secured Debt:
Fixed rate mortgage debt									$	66,870					$	84,433					3.82% to 4.62% (2)						2024-2026
Variable rate secured debt									33,000						33,318						SOFR + 0.10% + 1.45% to 1.55% (3)						2025-2026
Total mortgage and other secured debt									99,870						117,751
Revolving Credit Facility									75,000						211,000						SOFR + 0.10% + 0.725% to 1.400% (4)						October 2026 (5)
Term Loan Facility									124,205						123,948						SOFR + 0.10% + 0.850% to 1.700% (6)						January 2026 (7)
Unsecured Senior Notes
2.25%, $400,000 aggregate principal									397,339						396,539						2.25% (8)						March 2026
5.25%, $345,000 aggregate principal									335,450						—						5.25% (9)						September 2028
2.00%, $400,000 aggregate principal									397,350						396,988						2.00% (10)						January 2029
2.75%, $600,000 aggregate principal									590,937						590,123						2.75% (11)						April 2031
2.90%, $400,000 aggregate principal									395,160						394,848						2.90% (12)						December 2033
Unsecured note payable									472						597						0% (13)						May 2026
Total debt, net									$	2,415,783					$	2,231,794

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.6 million as of September 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 September 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 September 30, 2023 was 2.45%; excluding the effect of these swaps, the weighted average interest rate on this debt as of September 30, 2023 was 6.92%.

(4)The weighted average interest rate on the Revolving Credit Facility was 6.48% as of September 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 6.73% as of September 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 unamortized discounts and commissions totaling $2.2 million as of September 30, 2023 and $2.8 million as of December 31, 2022. The effective interest rate under the notes, including amortization of the such costs, was 2.48%.

(9)The carrying value of these notes reflects unamortized commissions totaling $8.5 million as of September 30, 2023. The effective interest rate under the notes, including amortization of such costs, was 5.83%. Refer to the paragraphs below for further disclosure.

(10)The carrying value of these notes reflects unamortized discounts and commissions totaling $1.9 million as of September 30, 2023 and $2.1 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 2.09%.

(11)The carrying value of these notes reflects unamortized discounts and commissions totaling $7.9 million as of September 30, 2023 and $8.5 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 2.94%.

(12)The carrying value of these notes reflects unamortized discounts and commissions totaling $4.0 million as of September 30, 2023 and $4.2 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 3.01%.

(13)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 $39,000 as of September 30, 2023 and $65,000 as of December 31, 2022.

Schedule of interest expense recognized

The table below sets forth interest expense recognized on these notes for the three and nine months ended September 30, 2023 (in thousands):

Interest expense at stated interest rate						$	956
Interest expense associated with amortization of debt discount and issuance costs						124
Total						$	1,080

Schedule of debt maturities

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

Year Ending December 31,						September 30, 2023
2023 (1)						$	763
2024						29,983
2025						23,717
2026						646,300
2027						—
Thereafter						1,745,000
Total						$	2,445,763		(2)

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

(2)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $30.0 million.

Schedule of fair value of debt

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

			September 30, 2023												December 31, 2022
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Fixed-rate debt
Unsecured Senior Notes			$	2,116,236					$	1,777,178					$	1,778,498					$	1,433,561
Other fixed-rate debt			67,342						62,661						85,030						80,330
Variable-rate debt			232,205						232,385						368,266						367,896
			$	2,415,783					$	2,072,224					$	2,231,794					$	1,881,787

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