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Debt, Net (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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

						Carrying Value (1) as of December 31,												December 31, 2023
															2023															2022						Stated Interest Rates						Scheduled Maturity
Mortgage and Other Secured Debt:
Fixed-rate mortgage debt						$	66,314					$	84,433					3.82% to 4.62% (2)						2024-2026
Variable-rate secured debt						32,894						33,318						SOFR + 0.10% + 1.45% to 1.55% (3)						2025-2026
Total mortgage and other secured debt						99,208						117,751
Revolving Credit Facility (4)						75,000						211,000						SOFR + 0.10% + 0.725% to 1.400% (5)						October 2026 (4)
Term Loan Facility (4)						124,291						123,948						SOFR + 0.10% + 0.850% to 1.700% (6)						January 2026 (4)
Unsecured Senior Notes (4)
2.25%, $400,000 aggregate principal						397,608						396,539						2.25% (7)						March 2026
5.25%, $345,000 aggregate principal						335,802						—						5.25% (8)						September 2028
2.00%, $400,000 aggregate principal						397,471						396,988						2.00% (9)						January 2029
2.75%, $600,000 aggregate principal						591,212						590,123						2.75% (10)						April 2031
2.90%, $400,000 aggregate principal						395,265						394,848						2.90% (11)						December 2033
Unsecured note payable						430						597						0% (12)						May 2026
Total debt, net						$	2,416,287					$	2,231,794

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.3 million as of December 31, 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 December 31, 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 December 31, 2023 was 2.45%; excluding the effect of these swaps, the weighted average interest rate on this debt as of December 31, 2023 was 6.94%.

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

(5)The weighted average interest rate on the Revolving Credit Facility was 6.49% as of December 31, 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).

(6)The interest rate on this loan was 6.74% as of December 31, 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).

(7)The carrying value of these notes reflects unamortized discounts and commissions totaling $1.9 million as of December 31, 2023 and $2.8 million as of December 31, 2022 The effective interest rate under the notes, including amortization of such costs, was 2.48%.

(8)The carrying value of these notes reflects unamortized commissions totaling $8.1 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 5.83%. Refer to the paragraphs below for further disclosure.

(9)The carrying value of these notes reflects unamortized discounts and commissions totaling $1.8 million as of December 31, 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%.

(10)The carrying value of these notes reflects unamortized discounts and commissions totaling $7.6 million as of December 31, 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%.

(11)The carrying value of these notes reflects unamortized discounts and commissions totaling $3.9 million as of December 31, 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%.

(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 $32,000 as of December 31, 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,						December 31, 2023
2024						$	29,983
2025						23,717
2026						646,300
2027						—
2028						345,000
Thereafter						1,400,000
Total						$	2,445,000		(1)

(1)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $28.7 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, 2023												December 31, 2022
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Fixed-rate debt
Unsecured Senior Notes			$	2,117,358					$	1,876,611					$	1,778,498					$	1,433,561
Other fixed-rate debt			66,744						63,692						85,030						80,330
Variable-rate debt			232,185						232,270						368,266						367,896
			$	2,416,287					$	2,172,573					$	2,231,794					$	1,881,787

Schedule of Interest Expense

the table below sets forth interest expense recognized on the notes in 2023 (in thousands):

Interest expense at stated interest rate						$	5,484
Interest expense associated with amortization of debt discount and issuance costs						500
Total						$	5,984

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