XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.24.2

Debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt The Company had the following mortgages and notes payable outstanding as of June 30, 2024 and December 31, 2023:
| June 30, 2024 |  | December 31, 2023
Mortgages and notes payable | $ | 58,225 |  |  | $ | 60,888 |
Unamortized debt issuance costs | (674) |  |  | (764) |
Mortgage notes payable, net | $ | 57,551 |  |  | $ | 60,124 |
Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3%, at June 30, 2024 and December 31, 2023 and all mortgages and notes payable mature between 2028 and 2031 as of June 30, 2024. The weighted-average interest rate at June 30, 2024 and December 31, 2023 was approximately 4.0%, respectively. The Company had the following senior notes outstanding as of June 30, 2024 and December 31, 2023:
Issue Date |  | June 30, 2024 |  | December 31, 2023 |  | Interest Rate |  | Maturity Date |  | Issue Price
May 2014(1) |  | $ | — |  |  | $ | 198,932 |  |  | 4.400 | % |  | June 2024 |  | 99.883 | %
November 2023 |  | 300,000 |  |  | 300,000 |  |  | 6.750 | % |  | November 2028 |  | 99.423 | %
August 2020 |  | 400,000 |  |  | 400,000 |  |  | 2.700 | % |  | September 2030 |  | 99.233 | %
August 2021 |  | 400,000 |  |  | 400,000 |  |  | 2.375 | % |  | October 2031 |  | 99.758 | %
|  | 1,100,000 |  |  | 1,298,932 |  |  |  |  |  |  |
Unamortized debt discount |  | (4,106) |  |  | (4,489) |  |  |  |  |  |  |
Unamortized debt issuance costs |  | (7,560) |  |  | (8,298) |  |  |  |  |  |  |
Senior notes payable, net |  | $ | 1,088,334 |  |  | $ | 1,286,145 |  |  |  |  |  |  |
(1) The Company repaid the 4.40% Senior Notes due 2024 at maturity. Each series of the senior notes is unsecured and require payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus any potential make-whole premium. The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of June 30, 2024, are as follows:
| Maturity Date |  | Interest Rate
$600,000 Revolving Credit Facility(1) | July 2026 |  | SOFR + 0.85%
$300,000 Term Loan(2) | January 2027 |  | Term SOFR + 1.00%
(1) Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate includes a 0.10% adjustment. The interest rate spread ranges from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At June 30, 2024, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum, until January 31, 2025. The aggregate unamortized debt issuance costs for the term loan was $2,711 and $3,236 as of June 30, 2024 and December 31, 2023, respectively. The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at June 30, 2024. During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option and bear interest at a variable rate of three-month SOFR plus a 0.26% adjustment plus a spread of 170 basis points through maturity. The interest rate at June 30, 2024 was 7.291%. As of June 30, 2024 and December 31, 2023, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,277 and $1,326, respectively, of unamortized debt issuance costs. The Company capitalized $2,687 and $5,436 of interest expense for the six months ended June 30, 2024 and 2023, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration