XML 37 R26.htm IDEA: XBRL DOCUMENT v3.24.3
Indebtedness (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Summary of Information Concerning Indebtedness
The following tables contain summary information concerning our consolidated indebtedness, as of September 30, 2024:
Consolidated Debt:Outstanding PrincipalUnamortized Debt Issuance CostsUnamortized Loan (Discount)/PremiumsCarrying
 Amount		Type
Weighted
Average Contractual Rate (2)
Weighted
Average Hedged Effective Rate (3)
Weighted
Average
Maturity
(in years)
Unsecured
  revolver (1)		$191,478 $(803)$— $190,675 Floating6.6%4.8%1.3
Unsecured term
 loans		600,000 (1,992)— 598,008 Floating6.5%4.0%2.8
Secured credit
 facilities		585,635 (1,847)18,230 602,018 Fixed4.2%4.4%4.2
Mortgages883,869 (3,458)15,740 896,151 Fixed3.8%4.0%3.6
Private placement
 notes (4)		— (158)— (158)———
Total
 Consolidated
  Debt		$2,260,982 $(8,258)$33,970 $2,286,694 4.9%4.2%3.3
(1)The unsecured revolver total capacity is $500,000, of which $191,478 was outstanding as of September 30, 2024.
(2)Represents the weighted average of the contractual interest rates in effect as of the three months ended September 30, 2024, without regard to any interest rate swaps or collars.
(3)Represents the weighted average effective interest rates for the three months ended September 30, 2024, including the impact of interest rate swaps and collars, the amortization of hedging costs, and deferred financing costs, but excluding the impact of loan premium amortization, discount accretion, and interest capitalization.
(4)Represents the unamortized debt issuance costs associated with the Private Placement described above.
The following table contains summary information concerning our consolidated indebtedness, including indebtedness secured by real estate held for sale, as of December 31, 2023:
Consolidated Debt:Outstanding PrincipalUnamortized Debt Issuance CostsUnamortized Loan (Discount)/PremiumsCarrying AmountType
Weighted
Average Contractual Rate (3)
Weighted
Average Hedged Effective Rate (4)
Weighted
Average
Maturity
(in years)
Unsecured
 revolver (1)		$234,479 $(1,117)$— $233,362 Floating6.6%5.4%2.1
Unsecured term
 loans		600,000 (2,456)— 597,544 Floating6.5%3.9%3.5
Secured credit
 facilities		586,286 (1,949)21,762 606,099 Floating/Fixed4.2%4.6%4.9
Mortgages (2)1,094,933 (5,250)22,721 1,112,404 Fixed3.8%4.0%4.3
Total
 Consolidated
  Debt		$2,515,698 $(10,772)$44,483 $2,549,409 4.8%4.2%4.0
(1)The unsecured revolver total capacity was $500,000, of which $234,479 was outstanding as of December 31, 2023.
(2)Includes indebtedness secured by real estate held for sale of $122,621.
(3)Represents the weighted average of the contractual interest rates in effect as of year-end December 31, 2023, without regard to any interest rate swaps or collars.
(4)Represents the total weighted average effective interest rates for the full year ended December 31, 2023, after giving effect to all components of interest expense including the impact of interest rate swaps and collars, but excluding the impact of loan premium amortization, discount accretion, and interest capitalization.
Summary of Maturities of Long-term Debt
The following table contains summary information concerning our consolidated indebtedness as of September 30, 2024:
 
Scheduled maturities on our consolidated indebtedness outstanding as of September 30, 2024
Consolidated Debt:20242025202620272028Thereafter
Unsecured revolver$— $— $191,478 $— $— $— 
Unsecured term loans— — 200,000 — 400,000 — 
Secured credit facilities— 3,065 9,111 10,081 453,937 109,441 
Mortgages14,694 132,964 127,772 12,341 179,861 416,237 
Total$14,694 $136,029 $528,361 $22,422 $1,033,798 $525,678