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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [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 December 31, 2022 and 2021, the Company was in compliance with all loan covenants.
Credit Agreements
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 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.
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 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 December 31, 2022 and 2021:
Interest
Rate Type		As of December 31, 2022As of December 31, 2021
Maturity DateInterest RateAmountInterest RateAmount
Mortgages Payable
Total mortgages payableVariousFixed3.95% (a)$109,812 4.07% (a)$105,955 
Term Loans
$200.0 million 5 years
9/22/2026Fixed2.71% (b)100,000 2.68% (b)100,000 
$200.0 million 5 years
9/22/2026Fixed2.72% (b)100,000 2.68% (b)100,000 
$200.0 million 5.5 years
3/22/2027Fixed2.77% (b)50,000 2.69% (b)50,000 
$200.0 million 5.5 years
3/22/2027Fixed2.76% (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 debt4.08%759,812 2.61%536,955 
Debt discounts and issuance costs, net(5,261)(3,873)
Debt, net$754,551 $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 December 31, 2022 and 2021, 1-Month Term SOFR was 4.3581% and 1-Month LIBOR was 0.1013%, respectively.

The following table summarizes the scheduled maturities of the Company's mortgages payable as of December 31, 2022:
Scheduled maturities by year:As of December 31, 2022
2023$13,732 
202415,700 
202522,880 
2026— 
202726,000 
Thereafter31,500 
Total$109,812 
Interest Rate Swaps
The Company is party to four effective interest rate swap agreements and four interest rate forward swap agreements, which address the periods between the maturity dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps achieve fixed interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement.
On December 15, 2022, the Company transitioned its interest rate swaps from 1-Month LIBOR to 1-Month Term SOFR. The Company's hedging instruments continue to qualify for cash flow hedge accounting through application of expedients provided by ASU 2020-04, Reference Rate Reform.
The following table summarizes the Company's four effective and four forward interest rate swaps as of December 31, 2022:
Interest Rate SwapsNotional
Amount		Company Receives
Variable Rate of		Company Pays
Fixed Rate of		Fixed Rate Achieved Effective DateMaturity Date
5 Year Term Loan
$100,000 
1-Month SOFR
1.41%2.71%Dec 2, 2019Dec 21, 2023
5 Year Term Loan
100,000 
1-Month SOFR
1.42%2.72%Dec 2, 2019Dec 21, 2023
5.5 Year Term Loan
50,000 
1-Month SOFR
1.47%2.77%Dec 2, 2019Jun 21, 2024
5.5 Year Term Loan
50,000 
1-Month SOFR
1.46%2.76%Dec 2, 2019Jun 21, 2024
$300,000 
5 Year Term Loan
100,000 
1-Month SOFR
1.51%2.81%Dec 21, 2023Sep 22, 2026
5 Year Term Loan
100,000 
1-Month SOFR
1.51%2.81%Dec 21, 2023Sep 22, 2026
5.5 Year Term Loan
50,000 
1-Month SOFR
1.48%2.78%Jun 21, 2024Mar 22, 2027
5.5 Year Term Loan
50,000 
1-Month SOFR
1.54%2.84%Jun 21, 2024Mar 22, 2027
$300,000 
The following table summarizes the Company's four effective and four forward interest rate swaps as of December 31, 2021:
Interest Rate SwapsNotional
Amount		Company Receives
Variable Rate of		Company Pays
Fixed Rate of		Fixed Rate Achieved Effective DateMaturity Date
5 Year Term Loan
$100,000 
1-Month LIBOR
1.48%2.68%Dec 2, 2019Dec 21, 2023
5 Year Term Loan
100,000 
1-Month LIBOR
1.48%2.68%Dec 2, 2019Dec 21, 2023
5.5 Year Term Loan
50,000 
1-Month LIBOR
1.49%2.69%Dec 2, 2019Jun 21, 2024
5.5 Year Term Loan
50,000 
1-Month LIBOR
1.50%2.70%Dec 2, 2019Jun 21, 2024
$300,000 
5 Year Term Loan
100,000 
1-Month LIBOR
1.58%2.78%Dec 21, 2023Sep 22, 2026
5 Year Term Loan
100,000 
1-Month LIBOR
1.57%2.77%Dec 21, 2023Sep 22, 2026
5.5 Year Term Loan
50,000 
1-Month LIBOR
1.58%2.78%Jun 21, 2024Mar 22, 2027
5.5 Year Term Loan
50,000 
1-Month LIBOR
1.60%2.80%Jun 21, 2024Mar 22, 2027
$300,000 

The following table summarizes the effects of derivative financial instruments on the consolidated financial statements:
Location and amount of gain (loss) recognized in accumulated
comprehensive income		Location and amount of gain (loss)
reclassified from accumulated
comprehensive income into net income (loss)		Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded
202220212020202220212020202220212020
Unrealized gain (loss) on derivatives$32,052 $3,795 $(16,199)Interest expense, net$1,009 $(4,332)$(2,693)Interest expense, net$26,777 $16,261 $18,749 
As of December 31, 2022 and 2021, each of the Company's interest rate swaps are in an asset position and included within deferred costs and other assets, net. The Company has designated these interest rate swaps as cash flow hedges.