XML 72 R51.htm IDEA: XBRL DOCUMENT
v3.24.0.1

DEBT OBLIGATIONS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Consolidated Debt Obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of December 31, 2023 and 2022 (in thousands):
| December 31, 2023 |  | December 31, 2022 |  | Effective Interest Rate |  | Maturity Date |
SECURED DEBT |  |  |  |  |  |  |  |
$245.0M 5.88% Secured Term Loan due 2028 | $ | 245,000 |  |  | $ | — |  |  | 5.88% |  | February 2028 |
$50.0M Construction Loan due 2026 | 13,824 |  |  | — |  |  | SOFR + 2.50% |  | August 2026 |
Principal balance outstanding | 258,824 |  |  | — |  |  |  |  |  |
Less: deferred financing costs | (3,153) |  |  | — |  |  |  |  |  |
Total Secured indebtedness | $ | 255,671 |  |  | $ | — |  |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |  |
$600 million Unsecured Credit Facility | $ | — |  |  | $ | 88,500 |  |  | SOFR + 1.15% |  | June 2026 | (a)
Term Loan - Swapped to fixed | 250,000 |  |  | 250,000 |  |  | SOFR + 1.30% |  | June 2027 | (b)
$70.0 million Term Loan | 70,000 |  |  | — |  |  | SOFR + 1.85% |  | February 2024 | (a)(c)
$350.0M 3.95% Guaranteed Notes due 2023 | — |  |  | 54,301 |  |  | 3.87% |  | February 2023 | (d)
$350.0M 4.10% Guaranteed Notes due 2024 (e) | 340,000 |  |  | 350,000 |  |  | 3.78% |  | October 2024 |
$450.0M 3.95% Guaranteed Notes due 2027 | 450,000 |  |  | 450,000 |  |  | 4.03% |  | November 2027 |
$350.0M 7.55% Guaranteed Notes due 2028 | 350,000 |  |  | 350,000 |  |  | 7.98% | (f) | March 2028 |
$350.0M 4.55% Guaranteed Notes due 2029 | 350,000 |  |  | 350,000 |  |  | 4.30% |  | October 2029 |
Indenture IA (Preferred Trust I) | 27,062 |  |  | 27,062 |  |  | SOFR + 1.51% | (g) | March 2035 |
Indenture IB (Preferred Trust I) | 25,774 |  |  | 25,774 |  |  | SOFR + 1.51% | (g) | April 2035 |
Indenture II (Preferred Trust II) | 25,774 |  |  | 25,774 |  |  | SOFR + 1.51% | (g) | July 2035 |
Principal balance outstanding | 1,888,610 |  |  | 1,971,411 |  |  |  |  |  |
Plus: original issue premium (discount), net | 1,878 |  |  | 2,934 |  |  |  |  |  |
Less: deferred financing costs | (7,327) |  |  | (9,307) |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,883,161 |  |  | $ | 1,965,038 |  |  |  |  |  |
(a)Spread includes a 10 basis point daily SOFR adjustment. (b)On November 23, 2022, the unsecured term loan of $250.0 million was swapped to a fixed rate of 5.01% and matures on June 30, 2027. The effective date of the swap is January 31, 2023. (c)The maturity date of the Unsecured Term Loan is subject to a 12 month optional extension. The Company executed the 12 month extension through February 2025 . (d)On January 20, 2023, the Company redeemed in full its then outstanding 3.95% Guaranteed Notes due 2023 (the “2023 Notes”). The redemption price of the 2023 Notes was approximately $55.2 (approximately $54.3 million in principal and approximately $0.92 million of accrued and unpaid interest). (e)On December 22, 2023, the Company repurchased $10.0 million of its outstanding $350 million Notes due 2023 ahead of its scheduled maturity at a price of 98.6% and paid accrued interest of $0.1 million. As a result of the repurchase the Company recorded a gain from the early extinguishment of debt of $0.1 million. (f)The note includes an interest rate adjustment provision whereby the interest rate payable on the notes is subject to an 25 basis point adjustment if either Moody's or S&P downgrades (or subsequently upgrades) its rating assigned to the 2028 Notes. During the third quarter of 2023, Moody’s downgraded our senior unsecured credit rating from Baa3 to Ba1. As a result of the downgrade, the interest rate on our 2028 Notes increased 25 basis points in September 2023 to 7.80%. Subsequent to December 31, 2023, S&P downgraded our senior unsecured credit rating from BBB- to BB+. As a result of the downgrade, the interest rate will increase 25 basis points in March 2024 to 8.05%. (g)On January 16, 2024, the Trust Preferred I - Indenture IA was swapped to a fixed rate at 5.14% for the period from March 30, 2024 to December 30, 2026 and Trust Preferred I - Indenture IB and Trust Preferred II - Indenture II were swapped to a fixed rate at 5.24% for the period from January 30, 2024 to January 30, 2027.
Schedule of Maturities of Long-term Debt | As of December 31, 2023, the aggregate principal payments of the unconsolidated real estate ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2024 | $ | 803,756 |
2025 | 152,032 |
2026 | 236,971 |
2027 | — |
2028 | 220,000 |
Thereafter | — |
Total principal payments | 1,412,759 |
Net deferred financing costs | (4,901) |
Outstanding indebtedness | $ | 1,407,858 |
As of December 31, 2023, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):
2024 | $ | 340,000 |
2025 | 70,000 |
2026 | 13,824 |
2027 | 700,000 |
2028 | 595,000 |
Thereafter | 428,610 |
Total principal payments | 2,147,434 |
Net unamortized premiums/(discounts) | 1,878 |
Net deferred financing costs | (10,480) |
Outstanding indebtedness | $ | 2,138,832 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration