Indebtedness (Tables)

3 Months Ended

Mar. 31, 2023

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at March 31, 2023	Effective Interest Rate at Issuance	Maturity Date
	March 31, 2023		December 31, 2022
Mortgage Loan Payable	$	10,220	$	10,299	4.17%	4.17%	8/1/2028



Senior Unsecured Notes, Gross
2027 Notes	6,070		6,070		7.15%	7.11%	5/15/2027
2028 Notes	31,901		31,901		7.60%	8.13%	7/15/2028
2032 Notes	10,600		10,600		7.75%	7.87%	4/15/2032
2027 Private Placement Notes	125,000		125,000		4.30%	4.30%	4/20/2027
2028 Private Placement Notes	150,000		150,000		3.86%	3.86%	2/15/2028
2029 Private Placement Notes	75,000		75,000		4.40%	4.40%	4/20/2029
2029 II Private Placement Notes	150,000		150,000		3.97%	4.23%	7/23/2029
2030 Private Placement Notes	150,000		150,000		3.96%	3.96%	2/15/2030
2030 II Private Placement Notes	100,000		100,000		2.74%	2.74%	9/17/2030
2032 Private Placement Notes	200,000		200,000		2.84%	2.84%	9/17/2032
Subtotal	$	998,571	$	998,571
Unamortized Debt Issuance Costs	(4,598)		(4,777)
Unamortized Discounts	(51)		(52)
Senior Unsecured Notes, Net	$	993,922	$	993,742
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)	200,000		200,000		1.84%	N/A	7/7/2026
2022 Unsecured Term Loan (A)	425,000		425,000		3.64%	N/A	10/18/2027
2022 Unsecured Term Loan II (A)(B)	300,000		300,000		4.88%	N/A	8/12/2025
Subtotal	$	925,000	$	925,000
Unamortized Debt Issuance Costs	(5,338)		(5,740)
Unsecured Term Loans, Net	$	919,662	$	919,260
Unsecured Credit Facility (C)	$	157,000	$	143,000	5.62%	N/A	7/7/2025

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(A) The interest rate at March 31, 2023 includes the impact of derivative instruments we entered into to effectively convert the variable rate of the debt to a fixed rate. See Note 10.

(B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions.

(C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $2,962 and $3,285 as of March 31, 2023 and December 31, 2022, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Schedule of Maturities

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts and debt issuance costs, for the next five years as of March 31, and thereafter:


	Amount
Remainder of 2023	$	241
2024	335
2025	457,349
2026	200,364
2027	556,449
Thereafter	876,053
Total	$	2,090,791

Summary of Indebtedness at Estimated Fair Value

At March 31, 2023 and December 31, 2022, the fair value of our indebtedness was as follows:


	March 31, 2023				December 31, 2022
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loan Payable	$	10,220	$	9,710	$	10,299	$	9,765
Senior Unsecured Notes, Net	998,520		897,208		998,519		883,444
Unsecured Term Loans	925,000		910,113		925,000		909,187
Unsecured Credit Facility	157,000		157,000		143,000		143,000
Total	$	2,090,740	$	1,974,031	$	2,076,818	$	1,945,396

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(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.