Annual report pursuant to Section 13 and 15(d)

Debt, Net (Tables)

v3.25.0.1
Debt, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Our debt consisted of the following (dollars in thousands):
 
Carrying Value (1) as of December 31,
 December 31, 2024
  2024 2023 Stated Interest Rates Scheduled Maturity
Mortgage and Other Secured Debt:        
Fixed-rate mortgage debt $ 37,130  $ 66,314 
3.82%
 June 2026
Variable-rate secured debt 32,471  32,894 
SOFR + 0.10%
+ 1.45% to 1.55% (2)
 2025-2026 (3)
Total mortgage and other secured debt 69,601  99,208     
Revolving Credit Facility (4) 75,000  75,000 
SOFR + 0.10%
+ 0.725% to 1.400% (5)
 October 2026 (4)
Term Loan Facility (4) 124,633  124,291 
SOFR + 0.10%
+ 0.850% to 1.700% (6)
 January 2026 (4)
Unsecured Senior Notes: (4)
2.25%, $400,000 aggregate principal
 398,699  397,608 
2.25% (7)
 March 2026
5.25%, $345,000 aggregate principal
 337,588  335,802 
5.25% (8)
 September 2028
2.00%, $400,000 aggregate principal
 397,961  397,471 
2.00% (9)
 January 2029
2.75%, $600,000 aggregate principal
 592,330  591,212 
2.75% (10)
 April 2031
2.90%, $400,000 aggregate principal
 395,692  395,265 
2.90% (11)
 December 2033
Unsecured note payable 251  430 
0% (12)
 May 2026
Total debt, net $ 2,391,755  $ 2,416,287     
(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $4.0 million as of December 31, 2024 and $5.3 million as of December 31, 2023.
(2)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, 2024 was 2.44%; excluding the effect of these swaps, the weighted average interest rate on this debt as of December 31, 2024 was 6.16%.
(3)Most of this debt matures in 2025, with the ability for us to extend such maturity by two 12-month periods at our option, provided that there is no default on the debt and we pay an extension fee of 0.10% of the debt balance for each extension period.
(4)Refer to the paragraphs below for further disclosure.
(5)The weighted average interest rate on the Revolving Credit Facility was 5.70% as of December 31, 2024, 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 5.95% as of December 31, 2024, 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 $1.1 million as of December 31, 2024 and $1.9 million as of December 31, 2023. 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 $6.6 million as of December 31, 2024 and $8.1 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 5.83%.
(9)The carrying value of these notes reflects unamortized discounts and commissions totaling $1.5 million as of December 31, 2024 and $1.8 million as of December 31, 2023. 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 $6.7 million as of December 31, 2024 and $7.6 million as of December 31, 2023. 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 $3.5 million as of December 31, 2024 and $3.9 million as of December 31, 2023. 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 $10,000 as of December 31, 2024 and $32,000 as of December 31, 2023.
Schedule of Debt Maturities
Our debt matures on the following schedule (in thousands):
Year Ending December 31, December 31, 2024
2025 $ 23,717 
2026 646,300 
2027 — 
2028 345,000 
2029 400,000 
Thereafter 1,000,000 
Total $ 2,415,017  (1)
(1)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $23.3 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, 2024 December 31, 2023
  Carrying
Amount		 Estimated
Fair Value		 Carrying
Amount		 Estimated
Fair Value
Fixed-rate debt        
Unsecured Senior Notes $ 2,122,270  $ 1,946,905  $ 2,117,358  $ 1,876,611 
Other fixed-rate debt 37,381  35,841  66,744  63,692 
Variable-rate debt 232,104  232,768  232,185  232,270 
  $ 2,391,755  $ 2,215,514  $ 2,416,287  $ 2,172,573 
Schedule of Interest Expense the table below sets forth interest expense recognized on the notes (in thousands):
For the Years Ended December 31,
2024 2023
Interest expense at stated interest rate $ 18,113  $ 5,484 
Interest expense associated with amortization of debt discount and issuance costs 1,560  500 
Total $ 19,673  $ 5,984