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Debt
 9 Months Ended
Sep. 30, 2022
Notes and Loans Payable [Abstract]  
Debt Debt
The Company's debt consists of mortgages payable, unsecured term loans, senior notes, and an unsecured revolving line of credit. The Company believes it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs. It is anticipated that the Company will use proceeds from property sales, cash on hand, and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term.
The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of September 30, 2022 and December 31, 2021, the Company was in compliance with all loan covenants.
Credit Agreements
On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated its prior unsecured revolving credit agreement in its entirety, and provided for a $350.0 million unsecured revolving line of credit (the "Revolving Credit Agreement"). On September 22, 2021, the Company entered into an amendment to the Revolving Credit Agreement (the "Amended Revolving Credit Agreement"), which provides for, among other things, an extension of the maturity of the $350.0 million Revolving Credit Agreement to September 22, 2025, with two six-month extension options.
On December 21, 2018, the Company entered into an unsecured term loan credit agreement, which amended and restated its prior unsecured term loan credit agreement in its entirety (the “Term Loan Credit Agreement”). On September 22, 2021, the Company entered into an amendment to its $400.0 million Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity dates and a reallocation of indebtedness under the two outstanding tranches of term loans thereunder. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on September 22, 2026, and a $200.0 million 5.5-year tranche maturing on March 22, 2027.
On May 11, 2022, the Company transitioned its Amended Revolving Credit Agreement and Amended Term Loan Agreement from 1-Month LIBOR to 1-Month Term SOFR.
On June 3, 2022, in connection with and upon effectiveness of the Note Purchase Agreement (as defined below) and in accordance with the terms of the Amended Term Loan Credit Agreement and Amended Revolving Credit Agreement, each of the administrative agents under such agreements released all of the subsidiary guarantors from their guaranty obligations that were previously made for the benefit of the lenders under such agreements.
Interest Rate Swaps
The Company is party to four interest rate forward swap agreements which address the periods between the maturity dates of the four effective swaps and the maturity dates of the Amended Term Loan Agreement. Although the Amended Term Loan Agreement is priced in 1-Month Term SOFR and the interest rate swaps are priced in 1-Month LIBOR, the Company's hedging instruments continue to qualify for cash flow hedge accounting through application of expedients provided by FASB ASU 2020-04, Reference Rate Reform. In tandem, the interest rate swaps effectively fix the interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement.
Senior Notes
On August 11, 2022, the Company issued $250.0 million aggregate principal amount of senior notes in a private placement, of which (i) $150.0 million are designated as 5.07% Senior Notes, Series A, due August 11, 2029 (the "Series A Notes") and (ii) $100.0 million are designated as 5.20% Senior Notes, Series B, due August 11, 2032 (the "Series B Notes" and, together with the Series A Notes, the "Notes") pursuant to a note purchase agreement (the "Note Purchase Agreement"), dated June 3, 2022, between the Company and the various purchasers named therein. The Notes were issued at par in accordance with the Note Purchase Agreement and pay interest semiannually on February 11th and August 11th until their respective maturities.
The Company may prepay at any time all or any part of the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus accrued interest and a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes will be required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain material credit facilities of the Company. Currently, there are no subsidiary guarantees of the Notes.
The following table summarizes the Company's debt as of September 30, 2022 and December 31, 2021:
Interest
Rate Type		As of September 30, 2022As of December 31, 2021
Maturity DateInterest RateAmountInterest RateAmount
Mortgages Payable
Total mortgages payableVariousFixed3.95% (a)$163,260 4.07% (a)$105,955 
Term Loans
$200.0 million 5 years
9/22/2026Fixed2.68% (b)100,000 2.68% (b)100,000 
$200.0 million 5 years
9/22/2026Fixed2.68% (b)100,000 2.68% (b)100,000 
$200.0 million 5.5 years
3/22/2027Fixed2.69% (b)50,000 2.69% (b)50,000 
$200.0 million 5.5 years
3/22/2027Fixed2.70% (b)50,000 2.70% (b)50,000 
$200.0 million 5.5 years
3/22/2027Variable
1M SOFR +
1.30% (c)
100,000 
1M LIBOR +
 1.20% (c)
100,000 
Total400,000 400,000 
Senior Notes
$150.0 million
8/11/2029Fixed5.07%150,000 -— 
$100.0 million
8/11/2032Fixed5.20%100,000 -— 
Total250,000 — 
Revolving Line of Credit
$350.0 million total capacity
9/22/2025Variable
1M SOFR +
 1.14% (c)
— 
1M LIBOR +
 1.05% (c)
31,000 
Total debt3.89%813,260 2.61%536,955 
Debt discounts and issuance costs, net(5,621)(3,873)
Debt, net$807,639 $533,082 
(a)Interest rates reflect the weighted average of the Company's mortgages payable.
(b)Interest rates reflect the fixed rates effectively achieved through the Company's interest rate swaps.
(c)As of September 30, 2022 and December 31, 2021, 1-Month Term SOFR was 3.0421% and 1-Month LIBOR was 0.1013%, respectively.

The following table summarizes the scheduled maturities of the Company's mortgages payable as of September 30, 2022 for the remainder of 2022, each of the next four years and thereafter.
Scheduled maturities by year:As of September 30, 2022
2022$— 
202338,550 
202415,700 
202551,510 
2026— 
Thereafter57,500 
Total mortgage payable maturities$163,260