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DEBT (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of Notes Payable Outstanding
The following is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2022 and December 31, 2021 (in thousands):
Description of DebtPrincipal Balance as ofStated Interest RateStated Maturity Date
December 31, 2022December 31, 2021as of December 31, 2022
City Center Bellevue (1)
— 111,000 3.98 %November 1, 2022
City Center Bellevue (1)
75,000 — 5.08 %October 1, 2027
75,000 111,000 
Debt issuance costs, net of accumulated amortization of $452 and $387, respectively
(422)(35)
Total Secured Notes Payable $74,578 $110,965 
 
(1)Interest only.
The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of December 31, 2022 and December 31, 2021 (in thousands):
Description of DebtPrincipal Balance as ofStated Interest RateStated Maturity Date
December 31, 2022December 31, 2021as of December 31, 2022
Term Loan A$100,000 $100,000 Variable
(1)
January 5, 2027
Term Loan B100,000 100,000 Variable
(3)
March 1, 2023
(2)
Term Loan C50,000 50,000 Variable
(4)
March 1, 2023
(2)
Senior Guaranteed Notes, Series F100,000 100,000 3.78 %
(5)
July 19, 2024
Senior Guaranteed Notes, Series B100,000 100,000 4.45 %February 2, 2025
Senior Guaranteed Notes, Series C100,000 100,000 4.50 %April 1, 2025
Senior Guaranteed Notes, Series D250,000 250,000 4.29 %
(6)
March 1, 2027
Senior Guaranteed Notes, Series E100,000 100,000 4.24 %
(7)
May 23, 2029
Senior Guaranteed Notes, Series G150,000 150,000 3.91 %
(8)
July 30, 2030
3.375% Senior Unsecured Notes
500,000 500,000 3.38 %February 1, 2031
1,550,000 1,550,000 
Debt discount and issuance costs, net of accumulated amortization of $11,709 and $9,462, respectively
(10,547)(11,762)
Total Unsecured Notes Payable$1,539,453 $1,538,238 
 
(1)The Operating Partnership has entered into two interest rate swap agreements that are intended to fix the interest rate associated with Term Loan A at approximately 2.70% through its maturity date, subject to adjustments based on our consolidated leverage ratio.
(2)On January 5, 2023, we extended Term Loan B and Term Loan C to a maturity date of January 5, 2025 with one, twelve-month extension option and increased the fully drawn borrowings thereunder to $150 million and $75 million, respectively.
(3)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately 2.65% through November 30, 2022, subject to adjustments based on our consolidated leverage ratio. The interest rate swap agreement was terminated as of November 30, 2022. As such, the variable interest paid from December 1, 2022 through December 31, 2022 was 5.32%.
(4)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C at approximately 3.14% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan C is approximately 2.64% through November 30, 2022, subject to adjustments based on our consolidated leverage ratio. The interest rate swap agreement was terminated as of November 30, 2022. As such, the variable interest paid from December 1, 2022 through December 31, 2022 was 5.32%.
(5)The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum.
(6)The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be highly effective cash flow hedges, accordingly, the effective interest rate is approximately 3.87% per annum.
(7)The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum.
(8)The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.
Scheduled Principal Payments on Notes Payable
Scheduled principal payments on secured and unsecured notes payable as of December 31, 2022 are as follows (in thousands):
2023 (1)
$150,000 
2024100,000 
2025200,000 
2026— 
2027425,000 
Thereafter750,000 
$1,625,000 
(1)     On January 5, 2023, we entered into a $225 million Amended and Restated Term Loan Agreement, which increased the aggregate unsecured borrowings from $150 million to $225 million and extended the maturity date of the Term Loans B & C from March 1, 2023 to January 5, 2025, with one, twelve-month extension option, subject to certain conditions.