XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.23.2

Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Notes and Loans Payable [Abstract] |
Schedule of Debt | The following table summarizes the Company's debt as of June 30, 2023 and December 31, 2022:
|  |  |  |  | As of June 30, 2023 |  | As of December 31, 2022
| Maturity Date |  | Rate Type |  | Interest Rate |  | Amount |  | Interest Rate |  | Amount
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgages payable | Various |  | Fixed |  | 3.12% (a) (b) |  | $ | 171,080 |  |  | 3.95% (a) |  | $ | 109,812 |
Variable rate mortgages payable | 11/2/2023 |  | Variable |  | 1M SOFR + 1.65% (c) |  | 17,468 |  |  | — |  | — |
Total |  |  |  |  |  |  | 188,548 |  |  |  |  | 109,812 |
Term Loans |  |  |  |  |  |  |  |  |  |  |
$200.0 million 5 years | 9/22/2026 |  | Fixed |  | 2.71% (b) |  | 100,000 |  |  | 2.71% (b) |  | 100,000 |
$200.0 million 5 years | 9/22/2026 |  | Fixed |  | 2.72% (b) |  | 100,000 |  |  | 2.72% (b) |  | 100,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 2.77% (b) |  | 50,000 |  |  | 2.77% (b) |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 2.76% (b) |  | 50,000 |  |  | 2.76% (b) |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 4.99% (d) |  | 100,000 |  |  | 1M SOFR + 1.30% (c) |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |  |  |  |  | 400,000 |
Senior Notes |  |  |  |  |  |  |  |  |  |  |
$150.0 million | 8/11/2029 |  | Fixed |  | 5.07% |  | 150,000 |  |  | 5.07% |  | 150,000 |
$100.0 million | 8/11/2032 |  | Fixed |  | 5.20% |  | 100,000 |  |  | 5.20% |  | 100,000 |
Total |  |  |  |  |  |  | 250,000 |  |  |  |  | 250,000 |
Revolving Line of Credit |  |  |  |  |  |  |  |  |  |  |
$350.0 million total capacity | 9/22/2025 |  | Variable |  | 1M SOFR + 1.14% (c) |  | — |  |  | 1M SOFR + 1.14% (c) |  | — |
Total debt |  |  |  |  | 3.88% |  | 838,548 |  |  | 4.08% |  | 759,812 |
Debt discounts and issuance costs, net |  | (4,887) |  |  |  |  | (5,261) |
Debt, net |  |  |  |  |  |  | $ | 833,661 |  |  |  |  | $ | 754,551 |
(a)Interest rates reflect the weighted average of the Company's mortgages payable. (b)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (c)As of June 30, 2023 and December 31, 2022, 1-Month Term SOFR was 5.14% and 4.36%, respectively. (d)As of April 3, 2023, the variable portion was swapped to 3.69%, achieving a fixed rate of 4.99% through the maturity date.
Schedule of Maturities for Outstanding Mortgage Indebtedness | The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2023 for the remainder of 2023, each of the next four years, and thereafter.
Scheduled maturities by year: | As of June 30, 2023
2023 (a) | $ | 92,468 |
2024 | 15,700 |
2025 | 22,880 |
2026 | — |
2027 | 26,000 |
Thereafter | 31,500 |
Total mortgage payable maturities | $ | 188,548 |
(a)Scheduled maturities during the year ended December 31, 2023 do not include two 12-month extension options available.

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

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the terms and amounts of participation in loan arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 470 -SubTopic 30 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481212/470-30-50-1 + Details
Name: | us-gaap_ScheduleOfParticipatingMortgageLoansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration