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Debt
 12 Months Ended
Dec. 31, 2022
Debt Instruments [Abstract]  
Debt Disclosure [Text Block] DEBT
The following is a summary of our total debt outstanding as of December 31, 2022 and 2021:
Principal Balance as of December 31,Stated Interest Rate as ofStated Maturity Date as of
Description of Debt20222021December 31, 2022December 31, 2022
Mortgages payable(Dollars in thousands)
Azalea$40,000 $40,000 3.73 %November 1, 2025
Bell Gardens11,835 12,127 4.06 %August 1, 2026
Plaza El Segundo125,000 125,000 3.83 %June 5, 2027
The Grove at Shrewsbury (East)43,600 43,600 3.77 %September 1, 2027
Brook 3511,500 11,500 4.65 %July 1, 2029
Hoboken (24 Buildings) (1)55,060 56,450 
LIBOR + 1.95%
December 15, 2029
Various Hoboken (14 Buildings)30,876 31,817 Various (2)Various through 2029
Chelsea4,446 4,851 5.36 %January 15, 2031
Hoboken (1 Building)— 16,234 3.75 %July 1, 2042
Subtotal322,317 341,579 
Net unamortized debt issuance costs and premium(1,702)(1,586)
Total mortgages payable, net320,615 339,993 
Notes payable
Term Loan (3)(5)600,000 300,000 
SOFR + 0.85%
April 16, 2024
Revolving credit facility (3)(4)(5)— — 
SOFR + 0.775%
April 5, 2027
Various 2,957 2,635 Various (6)Various through 2059
Subtotal602,957 302,635 
Net unamortized debt issuance costs(1,880)(1,169)
Total notes payable, net601,077 301,466 
Senior notes and debentures
2.75% notes275,000 275,000 2.75 %June 1, 2023
3.95% notes600,000 600,000 3.95 %January 15, 2024
1.25% notes400,000 400,000 1.25 %February 15, 2026
7.48% debentures29,200 29,200 7.48 %August 15, 2026
3.25% notes475,000 475,000 3.25 %July 15, 2027
6.82% medium term notes40,000 40,000 6.82 %August 1, 2027
3.20% notes400,000 400,000 3.20 %June 15, 2029
3.50% notes400,000 400,000 3.50 %June 1, 2030
4.50% notes550,000 550,000 4.50 %December 1, 2044
3.625% notes250,000 250,000 3.625 %August 1, 2046
Subtotal3,419,200 3,419,200 
Net unamortized debt issuance costs and premium(11,499)(13,112)
Total senior notes and debentures3,407,701 3,406,088 
Total debt$4,329,393 $4,047,547 
_____________________
(1)On November 26, 2019, we entered into two interest rate swap agreements that fix the interest rate on the mortgage loan at 3.67%.
(2)The interest rates on these mortgages range from 3.91% to 5.00%.
(3)Our revolving credit facility SOFR loans bear interest at Daily Simple SOFR or Term SOFR as defined in the credit agreement and our term loan bears interest at Term SOFR, plus 0.10%, plus a spread, based on our current credit rating.
(4)The maximum amount drawn under our revolving credit facility during the year ended December 31, 2022 was $330.0 million and the weighted average interest rate on borrowings under our revolving credit facility, before amortization of debt fees, was 3.2%.
(5)The Operating Partnership is the obligor under our revolving credit facility, term loan, and senior notes and debentures.
(6)The interest rates on these notes payable range from 3.00% to 11.31%.
On June 29, 2022, we repaid the $16.1 million mortgage loan on one of the buildings at our Hoboken property, at par.
On October 5, 2022, we amended our revolving credit facility, increasing the borrowing capacity from $1.0 billion to $1.25 billion, extending the maturity date to April 5, 2027, plus two six-month extension options, transitioning the interest rate provisions from LIBOR to the secured overnight financing rate ("SOFR"), and adjusting the spread for SOFR based loans. Our SOFR based loans bear interest at Daily Simple SOFR or Term SOFR as defined in the credit agreement plus 0.10% plus a spread, based on our credit rating. The current spread is 77.5 basis points. In addition, we have an option (subject to bank approval) to increase the credit facility through an accordion feature to $1.75 billion.
During 2022, 2021 and 2020, the maximum amount of borrowings outstanding under our revolving credit facility was $330.0 million, $150.0 million and $990.0 million, respectively. The weighted average amount of borrowings outstanding was $80.3 million, $19.6 million and $138.5 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 3.2%, 0.9% and 1.5%, respectively. The revolving credit facility requires an annual facility fee which is $1.9 million under the amended credit agreement. At December 31, 2022 and December 31, 2021, our revolving credit facility had no balance outstanding.
On October 5, 2022, we also amended our unsecured term loan and borrowed an additional $300.0 million, bringing the total outstanding to $600.0 million. The term loan amendment also transitioned the interest rate provisions from LIBOR to SOFR. This SOFR based loan bears interest at Term SOFR as defined in the agreement, plus 0.10%, plus a 85 basis point spread, based on our current credit rating. The net proceeds from the term loan after underwriting fees and other costs were $298.5 million, and were used to repay the $267.0 million outstanding balance on the revolving credit facility and for general corporate purposes.
Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of December 31, 2022, we were in compliance with all default related debt covenants.
Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2022 are as follows:
Mortgages
Payable		Notes
Payable		Senior Notes and
Debentures		Total
Principal
 (In thousands) 
Year ending December 31,
2023$3,138 $755 $275,000 $278,893   
20243,299 600,671 (1)600,000 1,203,970   
202547,630 418 — 48,048   
202626,240   76 429,200 455,516   
2027178,278   37 (2)515,000 693,315   
Thereafter63,732   1,000   1,600,000 1,664,732   
$322,317   $602,957   $3,419,200 $4,344,474 (3)
 _____________________
(1)Our $600.0 million term loan matures on April 16, 2024 plus two one-year extensions, at our option.
(2)Our $1.25 billion revolving credit facility matures on April 5, 2027 plus two six-month extensions, at our option. As of December 31, 2022, there was no balance outstanding under this credit facility.
(3)The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2022.