DEBT (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Secured and Unsecured Notes Payable Outstanding

The following table is a summary of our total secured notes payable outstanding as of September 30, 2023 and December 31, 2022 (in thousands):


	Principal Balance as of				Stated Interest Rate		Stated Maturity Date
Description of Debt	September 30, 2023		December 31, 2022		as of September 30, 2023


City Center Bellevue (1)	$	75,000	$	75,000	5.08	%	October 1, 2027
	75,000		75,000

Debt issuance costs, net of accumulated amortization of $519 and $452, respectively	(354)		(422)
Total Secured Notes Payable Outstanding	$	74,646	$	74,578

(1)Interest only.

The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of September 30, 2023 and December 31, 2022 (in thousands):


Description of Debt	Principal Balance as of				Stated Interest Rate			Stated Maturity Date
	September 30, 2023		December 31, 2022		as of September 30, 2023
Term Loan A	$	100,000	$	100,000	Variable		(1)	January 5, 2027

Term Loan B	150,000		100,000		Variable		(3)	January 5, 2025	(2)
Term Loan C	75,000		50,000		Variable		(4)	January 5, 2025	(2)
Senior Guaranteed Notes, Series F	100,000		100,000		3.78	%	(5)	July 19, 2024
Senior Guaranteed Notes, Series B	100,000		100,000		4.45	%		February 2, 2025
Senior Guaranteed Notes, Series C	100,000		100,000		4.50	%		April 1, 2025
Senior Guaranteed Notes, Series D	250,000		250,000		4.29	%	(6)	March 1, 2027
Senior Guaranteed Notes, Series E	100,000		100,000		4.24	%	(7)	May 23, 2029
Senior Guaranteed Notes, Series G	150,000		150,000		3.91	%	(8)	July 30, 2030
3.375% Senior Unsecured Notes	500,000		500,000		3.38	%		February 1, 2031
	1,625,000		1,550,000
Debt discount and issuance costs, net of accumulated amortization of $6,609 and $11,709, respectively	(10,693)		(10,547)
Total Unsecured Notes Payable	$	1,614,307	$	1,539,453

(1)The Operating Partnership 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 entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B as follows, in each case subject to adjustments based on our consolidated leverage ratio: (a) from March 1, 2018 through November 30, 2022, the effective interest rate associated with Term Loan B was approximately 2.65% (and such interest rate swap agreement was terminated as of November 30, 2022) and (b) from January 5, 2023 through January 4, 2025, the effective interest rate associated with Term Loan B is approximately 5.47% for the first year (January 5, 2023 through January 4, 2024) and 5.57% for the second year (January 5, 2024 through January 4, 2025) of Term Loan B. Note that variable interest was paid on Term Loan B from December 1, 2022 through January 4, 2023 at 5.32% as there were no interest rate swap agreements in place during such time period on Term Loan B.

(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 as follows, in each case subject to adjustments based on our consolidated leverage ratio: (a) from March 1, 2018 through November 30, 2022, the effective interest rate associated with Term Loan C was approximately 2.64% (and such interest rate swap agreement was terminated as of November 30, 2022) and (b) from January 5, 2023 through January 4, 2025, the effective interest rate associated with Term Loan C is approximately 5.47% for the first year (January 5, 2023 through January 4, 2024) and 5.57% for the second year (January 5, 2024 through January 4, 2025) of Term Loan C. Note that variable interest was paid on Term Loan C from December 1, 2022 through January 4, 2023 at 5.32% as there were no interest rate swap agreements in place during such time period on Term Loan C.

(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. Each of the forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge; 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.