Indebtedness (Tables)

12 Months Ended

Dec. 31, 2023

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at December 31, 2023	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2023		December 31, 2022
Mortgage Loan Payable	$	9,978	$	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	(4,062)		(4,777)
Unamortized Discounts	(46)		(52)
Senior Unsecured Notes, Net	$	994,463	$	993,742
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)	200,000		200,000		1.81%	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	(4,137)		(5,740)
Unsecured Term Loans, Net	$	920,863	$	919,260
Unsecured Credit Facility (C)	$	299,000	$	143,000	6.19%	N/A	7/7/2025

(A) The interest rate at December 31, 2023 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 12.

(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 $2,036 and $3,285 as of December 31, 2023 and 2022, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net on the Consolidated Balance Sheets.

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 December 31, and thereafter:


	Amount
2024	$	334
2025	599,349
2026	200,364
2027	556,449
2028	190,453
Thereafter	685,600
Total	$	2,232,549

Summary of Indebtedness at Estimated Fair Value

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


	December 31, 2023				December 31, 2022
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loan Payable	$	9,978	$	9,666	$	10,299	$	9,765
Senior Unsecured Notes, Net	998,525		902,042		998,519		883,444
Unsecured Term Loans	925,000		925,000		925,000		909,187
Unsecured Credit Facility	299,000		299,000		143,000		143,000
Total	$	2,232,503	$	2,135,708	$	2,076,818	$	1,945,396

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