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Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company's debt as of December 31, 2022 and 2021:

Interest Rate Type

As of December 31, 2022

As of December 31, 2021

Maturity Date

Interest Rate

Amount

Interest Rate

Amount

Mortgages Payable

Total mortgages payable

Various

Fixed

3.95% (a)

$

109,812

4.07% (a)

$

105,955

Term Loans

$200.0 million 5 years

9/22/2026

Fixed

2.71% (b)

100,000

2.68% (b)

100,000

$200.0 million 5 years

9/22/2026

Fixed

2.72% (b)

100,000

2.68% (b)

100,000

$200.0 million 5.5 years

3/22/2027

Fixed

2.77% (b)

50,000

2.69% (b)

50,000

$200.0 million 5.5 years

3/22/2027

Fixed

2.76% (b)

50,000

2.70% (b)

50,000

$200.0 million 5.5 years

3/22/2027

Variable

1M SOFR + 1.30% (c)

100,000

1M LIBOR + 1.20% (c)

100,000

Total

400,000

400,000

Senior Notes

$150.0 million

8/11/2029

Fixed

5.07%

150,000

-

—

$100.0 million

8/11/2032

Fixed

5.20%

100,000

-

—

Total

250,000

—

Revolving Line of Credit

$350.0 million total capacity

9/22/2025

Variable

1M SOFR +  1.14% (c)

—

1M LIBOR +  1.05% (c)

31,000

Total debt

4.08%

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.

Schedule Of Maturities For Outstanding Mortgage Indebtedness

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
2024			15,700
2025			22,880
2026			—
2027			26,000
Thereafter			31,500
Total			$	109,812

Schedule of Interest Rate Swaps

The following table summarizes the Company's four effective and four forward interest rate swaps as of December 31, 2022:

Interest Rate Swaps						Notional Amount						Company Receives Variable Rate of						Company Pays Fixed Rate of						Fixed Rate Achieved						Effective Date						Maturity Date
5 Year Term Loan						$	100,000					1-Month SOFR						1.41%						2.71%						Dec 2, 2019						Dec 21, 2023
5 Year Term Loan						100,000						1-Month SOFR						1.42%						2.72%						Dec 2, 2019						Dec 21, 2023
5.5 Year Term Loan						50,000						1-Month SOFR						1.47%						2.77%						Dec 2, 2019						Jun 21, 2024
5.5 Year Term Loan						50,000						1-Month SOFR						1.46%						2.76%						Dec 2, 2019						Jun 21, 2024
						$	300,000
5 Year Term Loan						100,000						1-Month SOFR						1.51%						2.81%						Dec 21, 2023						Sep 22, 2026
5 Year Term Loan						100,000						1-Month SOFR						1.51%						2.81%						Dec 21, 2023						Sep 22, 2026
5.5 Year Term Loan						50,000						1-Month SOFR						1.48%						2.78%						Jun 21, 2024						Mar 22, 2027
5.5 Year Term Loan						50,000						1-Month SOFR						1.54%						2.84%						Jun 21, 2024						Mar 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 Swaps						Notional Amount						Company Receives Variable Rate of						Company Pays Fixed Rate of						Fixed Rate Achieved						Effective Date						Maturity Date
5 Year Term Loan						$	100,000					1-Month LIBOR						1.48%						2.68%						Dec 2, 2019						Dec 21, 2023
5 Year Term Loan						100,000						1-Month LIBOR						1.48%						2.68%						Dec 2, 2019						Dec 21, 2023
5.5 Year Term Loan						50,000						1-Month LIBOR						1.49%						2.69%						Dec 2, 2019						Jun 21, 2024
5.5 Year Term Loan						50,000						1-Month LIBOR						1.50%						2.70%						Dec 2, 2019						Jun 21, 2024
						$	300,000
5 Year Term Loan						100,000						1-Month LIBOR						1.58%						2.78%						Dec 21, 2023						Sep 22, 2026
5 Year Term Loan						100,000						1-Month LIBOR						1.57%						2.77%						Dec 21, 2023						Sep 22, 2026
5.5 Year Term Loan						50,000						1-Month LIBOR						1.58%						2.78%						Jun 21, 2024						Mar 22, 2027
5.5 Year Term Loan						50,000						1-Month LIBOR						1.60%						2.80%						Jun 21, 2024						Mar 22, 2027
						$	300,000

Schedule of Effect of Derivative Financial Instruments Included in AOCI

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
			2022						2021						2020									2022						2021						2020									2022						2021						2020
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

Schedule of Location of Derivative Financial Instruments on Consolidated Financial Statements

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
			2022						2021						2020									2022						2021						2020									2022						2021						2020
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

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