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Unsecured and Secured Indebtedness (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Summary of Unsecured and Secured Indebtedness | The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions):
|  | Carrying Value at December 31, |  |  | Interest Rate(A) at December 31, |  | Maturity Date at
|  | 2023 |  |  | 2022 |  |  | 2023 |  | 2022 |  | December 31, 2023
Unsecured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |
Senior notes(B) |  | $ | 1,307.1 |  |  | $ | 1,460.0 |  |  | 3.625%–4.700% |  | 3.375%–4.700% |  | February 2025 – June 2027
Senior notes – discount, net |  |  | (1.4 | ) |  |  | (2.3 | ) |  |  |  |  |  |
Net unamortized debt issuance costs |  |  | (2.5 | ) |  |  | (3.8 | ) |  |  |  |  |  |
Total Senior Notes |  | $ | 1,303.2 |  |  | $ | 1,453.9 |  |  |  |  |  |  |
Term Loan |  | $ | 200.0 |  |  | $ | 200.0 |  |  | 4.0% (C) |  | 4.0% (C) |  | June 2027
Net unamortized debt issuance costs |  |  | (1.1 | ) |  |  | (1.5 | ) |  |  |  |  |  |
Total Term Loan |  | $ | 198.9 |  |  | $ | 198.5 |  |  |  |  |  |  |
Secured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Indebtedness – Fixed Rate |  | $ | 125.9 |  |  | $ | 54.9 |  |  | 6.2% |  | 4.5% |  | February 2025 – November 2028
Net unamortized debt issuance costs |  |  | (1.7 | ) |  |  | (0.3 | ) |  |  |  |  |  |
Total Mortgage Indebtedness |  | $ | 124.2 |  |  | $ | 54.6 |  |  |  |  |  |  |
(A) The interest rates reflected above for the senior notes represent the range of the coupon rate of the notes outstanding. All other interest rates presented are a weighted average of the outstanding debt. Interest rate on variable-rate debt was calculated using the base rate and spreads effective December 31, 2023 and 2022. (B) Effective interest rates ranged from 3.8% to 4.8% as of December 31, 2023 and from 3.5% to 4.8% as of December 31, 2022. (C) Reflects the utilization of a swap, which caps the variable-rate (SOFR) interest rate at 2.75%, plus a 10-basis point credit spread adjustment plus the applicable margin (0.95% at both December 31, 2023 and 2022), which is based on the Company’s long-term unsecured debt rating as described below.
Schedule Principal Repayments | The schedul ed principal repayments of the Revolving Credit Facility ($0 at December 31, 2023, Note 6) and unsec ured and secured indebtedness, excluding extension options, as of December 31, 2023, were as follows (in thousands):
Year |  | Amount |
2024 |  | $ | 684 |
2025 |  |  | 483,508 |
2026 |  |  | 401,003 |
2027 |  |  | 651,581 |
2028 |  |  | 94,633 |
|  |  | 1,631,409 |
Unamortized fair market value of assumed debt |  |  | 201 |
Net unamortized debt issuance costs |  |  | (5,335 | )
Total indebtedness |  | $ | 1,626,275 |

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