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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)
20232022
Highway 94 Mortgage Loan$11,709 $12,740 3.75%August 20245.06%
Pepsi Bottling Ventures Loan17,439 17,836 3.69%October 20243.93%
AIG Loan II119,953 122,328 4.15%November 20255.06%
BOA II Loan 250,000 250,000 4.32%May 20284.14%
AIG Loan92,444 99,794 4.96%February 20295.10%
HealthSpring Mortgage Loan— 19,107 —%(4)——%
Samsonite Loan— 17,998 —%(5)——%
Total Mortgage Debt 491,545 539,803 
Revolving Loan400,000 — 
SOF Rate + 1.30%
(6)January 2026(8)7.01%
2025 Term Loan 400,000 400,000 
SOF Rate + 1.25%
(6)December 20256.92%
2026 Term Loan150,000 150,000 
SOF Rate + 1.25%
(6)April 20266.76%
2024 Term Loan— 400,000 —%(7)——%
Total Debt1,441,545 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 
2025520,175 
2026552,834 
20272,978 
2028253,129 
Thereafter78,248 
Total principal1,441,545 
Unamortized debt premium/(discount)657 
Unamortized deferred loan costs(6,279)
Total$1,435,923