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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Notes and Loans Payable [Abstract] |
Schedule of Debt | The following table summarizes the Company's debt as of September 30, 2024 and December 31, 2023:
|  |  |  |  | As of September 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) | N/A |  | Variable |  | N/A |  | — |  |  | 1M SOFR + 1.65% (c) |  | 72,468 |
Total |  |  |  |  |  |  | 93,380 |  |  |  |  | 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 |  |  |  |  | 4.03% |  | 743,380 |  |  | 4.29% |  | 818,548 |
Debt discounts and issuance costs, net |  | (3,271) |  |  |  |  | (3,980) |
Debt, net |  |  |  |  |  |  | $ | 740,109 |  |  |  |  | $ | 814,568 |
(a)Interest rates reflect the weighted average of the Company's mortgages payable. (b)These mortgages payable were cross collateralized by three properties and were extinguished on September 27, 2024. (c)As of September 30, 2024 and December 31, 2023, 1-Month Term SOFR was 4.85% 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 September 30, 2024:
Scheduled maturities by year: | As of September 30, 2024
2024 | $ | — |
2025 | 35,880 |
2026 | — |
2027 | 26,000 |
2028 | — |
Thereafter | 31,500 |
Total mortgage payable maturities | $ | 93,380 |

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