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Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
As of September 30, 2023 and December 31, 2022, the Company’s consolidated debt consisted of the following:
September 30, 2023December 31, 2022
Contractual Interest 
Rate (1)
Loan
Maturity(2)
Effective Interest Rate(3)
Highway 94 Mortgage Loan$11,970 $12,740 3.75%August 20245.04%
Pepsi Bottling Ventures Mortgage Loan17,540 17,836 3.69%October 20243.93%
AIG Loan II120,556 122,328 4.15%November 20254.99%
BOA II Loan250,000 250,000 4.32%May 20284.14%
AIG Loan98,158 99,794 4.96%February 20295.09%
HealthSpring Mortgage Loan— 19,107 —%(4)——%
Samsonite Mortgage Loan— 17,998 —%(5)——%
Total Mortgage Debt 498,224 539,803 
Revolving Credit Facility 400,000 — 
SOF Rate + 1.30%
(6)January 2026(8)6.95%
2025 Term Loan 400,000 400,000 
SOF Rate + 1.25%
(6)December 20256.91%
2026 Term Loan150,000 150,000 
SOF Rate + 1.25%
(6)April 20266.75%
2024 Term Loan— 400,000 —%(7)——%
Total Debt1,448,224 1,489,803 
Unamortized Deferred Financing Costs and Discounts, net(6,221)(4,401)
Total Debt, net$1,442,003 $1,485,402 
(1)Including the effect of the interest rate swap agreements with a total notional amount of $750.0 million, the weighted average interest rate as of September 30, 2023 was 4.16% for both the Company’s fixed-rate and variable-rate debt combined and 3.73% for the Company’s fixed-rate debt only.
(2)Reflects the maturity dates as of September 30, 2023.
(3)Reflects the effective interest rate as of September 30, 2023 and includes the effect of amortization of discounts/premiums and deferred financing costs, but excludes the effect of the interest rate swaps.
(4)HealthSpring Mortgage Loan was paid off in full in March 2023 and had a contractual interest rate of 4.18%.
(5)Samsonite Mortgage Loan was paid off in full in September 2023 and had a contractual interest rate of 6.08%.
(6)The applicable SOFR as of September 30, 2023 (assuming a five day look-back per the credit facility agreement) was 5.31%, which excludes a 0.1% per annum index adjustment as required per the Fifth Amendment to the Second Amended and Restated Credit Agreement.
(7)2024 Term Loan was paid off in full in March 2023 using proceeds drawn from the Revolving Credit Facility, and had a contractual interest rate of SOFR + 1.40%.
(8)The Revolving Credit Facility has a maturity date of December 30, 2023 with a series of extension options to January 31, 2026. See discussion below.