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Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Notes and Loans Payable [Abstract] |
Schedule of Debt | The following table summarizes the Company's debt as of June 30, 2024 and December 31, 2023:
|  |  |  |  | As of June 30, 2024 |  | As of December 31, 2023
| Maturity Date |  | Rate Type |  | Interest Rate |  | Amount |  | Interest Rate |  | Amount
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgages payable | Various |  | Fixed |  | 3.97% (a) |  | $ | 93,380 |  |  | 4.01% (a) |  | $ | 96,080 |
Variable rate mortgages payable (b) | 11/2/2024 |  | Variable |  | 1M SOFR + 1.65% (c) |  | 72,468 |  |  | 1M SOFR + 1.65% (c) |  | 72,468 |
Total |  |  |  |  |  |  | 165,848 |  |  |  |  | 168,548 |
Term Loan |  |  |  |  |  |  |  |  |  |  |
$200.0 million 5 years | 9/22/2026 |  | Fixed |  | 2.81% (d) |  | 100,000 |  |  | 2.81% (d) |  | 100,000 |
$200.0 million 5 years | 9/22/2026 |  | Fixed |  | 2.81% (d) |  | 100,000 |  |  | 2.81% (d) |  | 100,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 2.78% (d) |  | 50,000 |  |  | 2.77% (d) |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 2.84% (d) |  | 50,000 |  |  | 2.76% (d) |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 4.99% (d) |  | 100,000 |  |  | 4.99% (d) |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |  |  |  |  | 400,000 |
Senior Notes |  |  |  |  |  |  |  |  |  |  |
$150.0 million Series A Notes | 8/11/2029 |  | Fixed |  | 5.07% |  | 150,000 |  |  | 5.07% |  | 150,000 |
$100.0 million Series B Notes | 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)(e) |  | — |  |  | 1M SOFR + 1.14% (c)(e) |  | — |
Total debt |  |  |  |  | 4.29% |  | 815,848 |  |  | 4.29% |  | 818,548 |
Debt discounts and issuance costs, net |  | (3,631) |  |  |  |  | (3,980) |
Debt, net |  |  |  |  |  |  | $ | 812,217 |  |  |  |  | $ | 814,568 |
(a)Interest rates reflect the weighted average of the Company's mortgages payable. (b)These mortgages payable are cross collateralized by three properties and have one 12-month extension option. (c)As of June 30, 2024 and December 31, 2023, 1-Month Term SOFR was 5.34% and 5.35%, respectively. (d)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (e)Interest rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire line of credit capacity.
Schedule of Maturities for Outstanding Mortgage Indebtedness | The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2024:
Scheduled maturities by year: | As of June 30, 2024
2024 | $ | 72,468 |
2025 | 35,880 |
2026 | — |
2027 | 26,000 |
2028 | — |
Thereafter | 31,500 |
Total mortgage payable maturities | $ | 165,848 |

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