XML 62 R32.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | As of December 31, 2023 and 2022, the Company’s consolidated debt consisted of the following:
| December 31, |  | Contractual Interest Rate (1) |  | Loan Maturity (2) |  | Effective Interest Rate (3)
| 2023 |  | 2022 |  |  |
Highway 94 Mortgage Loan | $ | 11,709 |  |  | $ | 12,740 |  |  | 3.75% |  | August 2024 |  | 5.06%
Pepsi Bottling Ventures Loan | 17,439 |  |  | 17,836 |  |  | 3.69% |  | October 2024 |  | 3.93%
AIG Loan II | 119,953 |  |  | 122,328 |  |  | 4.15% |  | November 2025 |  | 5.06%
BOA II Loan | 250,000 |  |  | 250,000 |  |  | 4.32% |  | May 2028 |  | 4.14%
AIG Loan | 92,444 |  |  | 99,794 |  |  | 4.96% |  | February 2029 |  | 5.10%
HealthSpring Mortgage Loan | — |  |  | 19,107 |  |  | —% | (4) | — |  | —%
Samsonite Loan | — |  |  | 17,998 |  |  | —% | (5) | — |  | —%
Total Mortgage Debt | 491,545 |  |  | 539,803 |  |  |  |  |  |  |
Revolving Loan | 400,000 |  |  | — |  |  | SOF Rate + 1.30% | (6) | January 2026 | (8) | 7.01%
2025 Term Loan | 400,000 |  |  | 400,000 |  |  | SOF Rate + 1.25% | (6) | December 2025 |  | 6.92%
2026 Term Loan | 150,000 |  |  | 150,000 |  |  | SOF Rate + 1.25% | (6) | April 2026 |  | 6.76%
2024 Term Loan | — |  |  | 400,000 |  |  | —% | (7) | — |  | —%
Total Debt | 1,441,545 |  |  | 1,489,803 |  |  |  |  |  |  |
Unamortized Deferred Financing Costs and Discounts, net | (5,622) |  |  | (4,401) |  |  |  |  |  |  |
Total Debt, net | $ | 1,435,923 |  |  | $ | 1,485,402 |  |  |  |  |  |  |
(1)Including the effect of the interest rate swap agreements with a total notional amount of $750.0 million the weighted average interest rate as of December 31, 2023 was 4.16% for both the Company’s fixed-rate and variable-rate debt combined and 3.73% for the Company’s fixed-rate debt only. (2)Reflects the loan maturity as of December 31, 2023. (3)Reflects the effective interest rate as of December 31, 2023 and includes the effect of amortization of discounts/premiums and deferred financing costs, but excludes the effect of the interest rate swaps. (4)HealthSpring Mortgage Loan was paid off in full March 2023 and had a contractual interest rate of 4.18%. (5)Samsonite Mortgage Loan was paid off in full in September 2023 and had a contractual interest rate of 6.08%. (6)The applicable SOFR as of December 31, 2023 (assuming a five day look-back per the credit facility agreement) was 5.38%, which excludes a 0.1% per annum index adjustment as required per the Fifth Amendment to the Second Amended and Restated Credit Agreement. (7)2024 Term Loan was paid off in full in March 2023 using proceeds from the Revolving Loan, and had a contractual interest rate of SOFR + 1.40%. (8)As of December 31, 2023, the Revolving Credit Facility has a maturity date of March 30, 2024 with two additional extension options to January 31, 2026. See discussion below.
Schedule of Future Principal Repayments of all Loans | The following summarizes the future scheduled principal repayments of all loans as of December 31, 2023 per the loan terms discussed above:
| As of December 31, 2023
2024 | $ | 34,181 |
2025 | 520,175 |
2026 | 552,834 |
2027 | 2,978 |
2028 | 253,129 |
Thereafter | 78,248 |
Total principal | 1,441,545 |
Unamortized debt premium/(discount) | 657 |
Unamortized deferred loan costs | (6,279) |
Total | $ | 1,435,923 |

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