Annual report pursuant to Section 13 and 15(d)

Debt, Net (Tables)

v3.24.0.1
Debt, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
Our debt consisted of the following (dollars in thousands):
 
Carrying Value (1) as of December 31,
 December 31, 2023
  2023 2022 Stated Interest Rates Scheduled Maturity
Mortgage and Other Secured Debt:        
Fixed-rate mortgage debt $ 66,314  $ 84,433 
3.82% to 4.62% (2)
 2024-2026
Variable-rate secured debt 32,894  33,318 
SOFR + 0.10%
+ 1.45% to 1.55% (3)
 2025-2026
Total mortgage and other secured debt 99,208  117,751     
Revolving Credit Facility (4) 75,000  211,000 
SOFR + 0.10%
+ 0.725% to 1.400% (5)
 October 2026 (4)
Term Loan Facility (4) 124,291  123,948 
SOFR + 0.10%
+ 0.850% to 1.700% (6)
 January 2026 (4)
Unsecured Senior Notes (4)
2.25%, $400,000 aggregate principal
 397,608  396,539 
2.25% (7)
 March 2026
5.25%, $345,000 aggregate principal
 335,802  — 
5.25% (8)
 September 2028
2.00%, $400,000 aggregate principal
 397,471  396,988 
2.00% (9)
 January 2029
2.75%, $600,000 aggregate principal
 591,212  590,123 
2.75% (10)
 April 2031
2.90%, $400,000 aggregate principal
 395,265  394,848 
2.90% (11)
 December 2033
Unsecured note payable 430  597 
0% (12)
 May 2026
Total debt, net $ 2,416,287  $ 2,231,794     
(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.3 million as of December 31, 2023 and $5.4 million as of December 31, 2022.
(2)The weighted average interest rate on our fixed-rate mortgage debt was 4.10% as of December 31, 2023.
(3)Including the effect of interest rate swaps that hedge the risk of interest rate changes, the weighted average interest rate on our variable-rate secured debt as of December 31, 2023 was 2.45%; excluding the effect of these swaps, the weighted average interest rate on this debt as of December 31, 2023 was 6.94%.
(4)Refer to the paragraphs below for further disclosure.
(5)The weighted average interest rate on the Revolving Credit Facility was 6.49% as of December 31, 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).
(6)The interest rate on this loan was 6.74% as of December 31, 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).
(7)The carrying value of these notes reflects unamortized discounts and commissions totaling $1.9 million as of December 31, 2023 and $2.8 million as of December 31, 2022 The effective interest rate under the notes, including amortization of such costs, was 2.48%.
(8)The carrying value of these notes reflects unamortized commissions totaling $8.1 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 5.83%. Refer to the paragraphs below for further disclosure.
(9)The carrying value of these notes reflects unamortized discounts and commissions totaling $1.8 million as of December 31, 2023 and $2.1 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 2.09%.
(10)The carrying value of these notes reflects unamortized discounts and commissions totaling $7.6 million as of December 31, 2023 and $8.5 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 2.94%.
(11)The carrying value of these notes reflects unamortized discounts and commissions totaling $3.9 million as of December 31, 2023 and $4.2 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 3.01%.
(12)This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates.  The carrying value of this note reflects an unamortized discount totaling $32,000 as of December 31, 2023 and $65,000 as of December 31, 2022.
Schedule of Debt Maturities
Our debt matures on the following schedule (in thousands):
Year Ending December 31, December 31, 2023
2024 $ 29,983 
2025 23,717 
2026 646,300 
2027 — 
2028 345,000 
Thereafter 1,400,000 
Total $ 2,445,000  (1)
(1)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $28.7 million.
Schedule of the Fair Value of Debt
The following table sets forth information pertaining to the fair value of our debt (in thousands):
  December 31, 2023 December 31, 2022
  Carrying
Amount		 Estimated
Fair Value		 Carrying
Amount		 Estimated
Fair Value
Fixed-rate debt        
Unsecured Senior Notes $ 2,117,358  $ 1,876,611  $ 1,778,498  $ 1,433,561 
Other fixed-rate debt 66,744  63,692  85,030  80,330 
Variable-rate debt 232,185  232,270  368,266  367,896 
  $ 2,416,287  $ 2,172,573  $ 2,231,794  $ 1,881,787 
Schedule of Interest Expense the table below sets forth interest expense recognized on the notes in 2023 (in thousands):
Interest expense at stated interest rate $ 5,484 
Interest expense associated with amortization of debt discount and issuance costs 500 
Total $ 5,984