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DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Summary of Notes Payable Outstanding
The following table is a summary of our total secured notes payable outstanding as of September 30, 2025 and December 31, 2024 (in thousands):
 Principal Balance as ofStated Interest RateStated Maturity Date
Description of DebtSeptember 30, 2025December 31, 2024as of September 30, 2025
City Center Bellevue (1)
$75,000 $75,000 5.08 %October 1, 2027
75,000 75,000 
Debt issuance costs, net of accumulated amortization of $700 and $632, respectively
(173)(241)
Total Secured Notes Payable Outstanding$74,827 $74,759 

(1)Interest only.
The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of September 30, 2025 and December 31, 2024 (in thousands):
Description of DebtPrincipal Balance as ofStated Interest RateStated Maturity Date
September 30, 2025December 31, 2024as of September 30, 2025
Term Loan A$100,000 $100,000 Variable
(1)
January 5, 2027
Term Loan B— 150,000 Variable
(3)
January 5, 2025
(2)
Term Loan C— 75,000 Variable
(3)
January 5, 2025
(2)
Senior Guaranteed Notes, Series C— 100,000 4.50 %April 1, 2025
(4)
Senior Guaranteed Notes, Series D250,000 250,000 4.29 %
(5)
March 1, 2027
Senior Guaranteed Notes, Series E100,000 100,000 4.24 %
(6)
May 23, 2029
Senior Guaranteed Notes, Series G150,000 150,000 3.91 %
(7)
July 30, 2030
3.375% Senior Notes
500,000 500,000 3.38 %February 1, 2031
6.150% Senior Notes
525,000 525,000 6.15 %
(8)
October 1, 2034
1,625,000 1,950,000 
Debt discount and issuance costs, net of accumulated amortization of $8,186 and $9,890, respectively
(12,772)(14,244)
Total Unsecured Notes Payable$1,612,228 $1,935,756 
 
(1)The Operating Partnership entered into two interest rate swap agreements that are intended to fix the interest rate associated with Term Loan A at approximately 2.70% through its maturity date, subject to adjustments based on our consolidated leverage ratio.
(2)On January 2, 2025, we repaid the entirety of Term Loan B and Term Loan C.
(3)The Operating Partnership entered into interest rate swap agreements that are intended to fix the effective interest rate associated with Term Loan B and Term Loan C, subject to adjustments based on our consolidated leverage ratio, at, 5.47% from January 5, 2023 to January 4, 2024 and at 5.57% from January 5, 2024 to January 4, 2025.
(4)The Senior C Notes were prepaid in full on February 3, 2025, without penalty or premium.
(5)The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be highly effective cash flow hedges, accordingly, the effective interest rate is approximately 3.87% per annum.
(6)The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum.
(7)The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.
(8)The Operating Partnership entered into a treasury lock contracts on September 9, 2024 for $150 million and September 10, 2024 for an additional $150 million, which were both settled on September 10, 2024 at a combined loss of approximately $1.3 million. The treasury lock contracts were deemed to be a highly effective cash flow hedges, accordingly, the effective interest rate is approximately 6.209% per annum.