XML 35 R19.htm IDEA: XBRL DOCUMENT v3.25.0.1
Mortgages and Notes Payable
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Mortgages and Notes Payable Mortgages and Notes Payable
The Company had the following mortgages and notes payable outstanding as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Mortgages and notes payable$55,515 $60,888 
Unamortized debt issuance costs(585)(764)
$54,930 $60,124 
Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3% at December 31, 2024 and 2023, respectively, and all mortgages and notes payable mature between 2028 and 2031 as of December 31, 2024. The weighted-average interest rate at December 31, 2024 and 2023 was approximately 4.1% and 4.0%, respectively.
The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of December 31, 2024, were as follows:
Maturity DateInterest 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 ranges from SOFR (plus a 0.10% index adjustment) plus 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At December 31, 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 fixed-rate of 2.722% per annum, until January 31, 2025. In 2024, the Company entered into forward interest rate swap agreements designated as cash flow hedges to effectively fix the interest rate related to an aggregate notional amount of $250,000 of $300,000 of the term loan at an average interest rate of 4.31% from January 31, 2025 to January 31, 2027. The aggregate unamortized debt issuance costs for the term loan were $2,186 and $3,236 as of December 31, 2024 and 2023, respectively.

The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at December 31, 2024.
Mortgages payable and secured loans are generally collateralized by real estate and the related leases. Certain mortgages payable have yield maintenance or defeasance requirements relating to any prepayments.
Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows:
Year ending December 31,Total
2025$5,570 
20265,773 
2027305,984 
20282,223 
2029960 
Thereafter35,005 
355,515 
Unamortized debt issuance costs(2,771)
$352,744 

In addition, the Company capitalized $3,884, $11,059 and $7,235 of interest expense for the years ended 2024, 2023 and 2022, respectively. Of these amounts, $54 and $8,134 of capitalized interest was recognized related to development projects under construction at December 31, 2024 and 2023, respectively, and are included in investments in real estate under construction on the consolidated balance sheets.