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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.

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- 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.

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- 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

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