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Debt (Tables) | 9 Months Ended
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Sep. 30, 2023
Notes and Loans Payable [Abstract] |
Schedule of Debt | The following table summarizes the Company's debt as of September 30, 2023 and December 31, 2022:
|  |  |  |  | As of September 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 |  | (4,342) |  |  |  |  | (5,261) |
Debt, net |  |  |  |  |  |  | $ | 834,206 |  |  |  |  | $ | 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 September 30, 2023 and December 31, 2022, 1-Month Term SOFR was 5.32% 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 September 30, 2023 for the remainder of 2023, each of the next four years, and thereafter.
Scheduled maturities by year: | As of September 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 do not reflect two 12-month extension options available. On October 17, 2023, the Company extended the maturity of the $92.5 million of debt maturing in 2023 by exercising one of its two 12-month extension options. The maturity date of the debt is now November 2, 2024 and has an interest rate of 1-Month Term SOFR + 1.65%.

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