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Debt | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Debt | 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. Second Amended and Restated Credit Agreement Pursuant to the Second Amended and Restated Credit Agreement dated as of April 30, 2019 (as amended by the First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020 (the “First Amendment”), the Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020 (the “Second Amendment”), the Third Amendment to the Second Amended and Restated Credit Agreement dated as of July 14, 2021 (the “Third Amendment”), the Fourth Amendment to the Second Amended and Restated Credit Agreement dated as of April 28, 2022 (the “Fourth Amendment”), the Fifth Amendment to the Second Amended and Restated Credit Agreement dated as of September 28, 2022 (the “Fifth Amendment”), the Sixth Amendment to the Second Amended and Restated Credit Agreement dated as of November 30, 2022 (the “Sixth Amendment”), and the Seventh Amendment to the Amended and Restated Credit Agreement dated as of March 21, 2023 (the “Seventh Amendment”), and together with the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, and the Sixth Amendment, the “Second Amended and Restated Credit Agreement”), with KeyBank National Association (“KeyBank”) as administrative agent, and a syndicate of lenders, the Operating Partnership, as the borrower, has been provided with a $1.3 billion credit facility consisting of (i) a $750.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”), under which the Company has drawn $400.0 million (the “Revolving Loan”), maturing on March 30, 2024 (with two extension options to January 31, 2026, subject to the satisfaction of certain customary conditions, the first of which the Company exercised subsequent to year-end as described below), (ii) a $400.0 million senior unsecured term loan maturing in December 2025 (the “$400M 2025 5-Year Term Loan”), and (iii) a $150.0 million senior unsecured term loan maturing in April 2026 (the “$150M 2026 7-Year Term Loan”) and together with the Revolving Credit Facility and the $400M 2025 5-Year Term Loan, the “KeyBank Loans”). The Second Amended and Restated Credit Agreement also provides the option, subject to obtaining additional commitments from lenders and certain other customary conditions, to increase the commitments under the Revolving Credit Facility, to increase the existing term loans and/or incur new term loans by up to an additional $1.0 billion in the aggregate. As of December 31, 2023, the available undrawn capacity under the Revolving Credit Facility was $159.1 million. As of December 31, 2023, the Revolving Loan Maturity Date (as defined in the Second Amended and Restated Credit Agreement) was March 30, 2024. On February 12, 2024, the Company exercised an option to extend the Revolving Loan Maturity Date, which upon satisfaction or waiver of certain customary conditions, will extend to June 30, 2024. AIG Debt Amendment The Company’s subsidiaries previously entered into two non-recourse portfolio mortgage loans (the “AIG Loans”) with affiliates of AIG Insurance (“AIG”). All of the mortgaged properties under the AIG Loans constitute Other segment properties of the Company. On December 22, 2023, the Company and AIG entered into an agreement that is intended to facilitate the disposition of the mortgaged properties under the AIG Loans, without regard to the original release prices, and support the repayment of both AIG Loans. The agreement did not result in any changes to the loan amounts, interest rate or term. Debt Covenant Compliance Pursuant to the terms of the Company's mortgage loans and the KeyBank Loans, the Operating Partnership, in consolidation with the Company, is subject to certain loan compliance covenants. The Company was in compliance with all of its debt covenants as of December 31, 2023. 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 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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