DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Consolidated Debt Obligations

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of December 31, 2023 and 2022 (in thousands):


	December 31, 2023		December 31, 2022		Effective Interest Rate		Maturity Date









SECURED DEBT
$245.0M 5.88% Secured Term Loan due 2028	$	245,000	$	—	5.88%		February 2028
$50.0M Construction Loan due 2026	13,824		—		SOFR + 2.50%		August 2026
Principal balance outstanding	258,824		—
Less: deferred financing costs	(3,153)		—
Total Secured indebtedness	$	255,671	$	—

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	—	$	88,500	SOFR + 1.15%		June 2026	(a)
Term Loan - Swapped to fixed	250,000		250,000		SOFR + 1.30%		June 2027	(b)
$70.0 million Term Loan	70,000		—		SOFR + 1.85%		February 2024	(a)(c)
$350.0M 3.95% Guaranteed Notes due 2023	—		54,301		3.87%		February 2023	(d)
$350.0M 4.10% Guaranteed Notes due 2024 (e)	340,000		350,000		3.78%		October 2024
$450.0M 3.95% Guaranteed Notes due 2027	450,000		450,000		4.03%		November 2027
$350.0M 7.55% Guaranteed Notes due 2028	350,000		350,000		7.98%	(f)	March 2028
$350.0M 4.55% Guaranteed Notes due 2029	350,000		350,000		4.30%		October 2029
Indenture IA (Preferred Trust I)	27,062		27,062		SOFR + 1.51%	(g)	March 2035
Indenture IB (Preferred Trust I)	25,774		25,774		SOFR + 1.51%	(g)	April 2035
Indenture II (Preferred Trust II)	25,774		25,774		SOFR + 1.51%	(g)	July 2035
Principal balance outstanding	1,888,610		1,971,411
Plus: original issue premium (discount), net	1,878		2,934
Less: deferred financing costs	(7,327)		(9,307)
Total unsecured indebtedness	$	1,883,161	$	1,965,038

(a)Spread includes a 10 basis point daily SOFR adjustment.

(b)On November 23, 2022, the unsecured term loan of $250.0 million was swapped to a fixed rate of 5.01% and matures on June 30, 2027. The effective date of the swap is January 31, 2023.

(c)The maturity date of the Unsecured Term Loan is subject to a 12 month optional extension. The Company executed the 12 month extension through February 2025 .

(d)On January 20, 2023, the Company redeemed in full its then outstanding 3.95% Guaranteed Notes due 2023 (the “2023 Notes”). The redemption price of the 2023 Notes was approximately $55.2 (approximately $54.3 million in principal and approximately $0.92 million of accrued and unpaid interest).

(e)On December 22, 2023, the Company repurchased $10.0 million of its outstanding $350 million Notes due 2023 ahead of its scheduled maturity at a price of 98.6% and paid accrued interest of $0.1 million. As a result of the repurchase the Company recorded a gain from the early extinguishment of debt of $0.1 million.

(f)The note includes an interest rate adjustment provision whereby the interest rate payable on the notes is subject to an 25 basis point adjustment if either Moody's or S&P downgrades (or subsequently upgrades) its rating assigned to the 2028 Notes. During the third quarter of 2023, Moody’s downgraded our senior unsecured credit rating from Baa3 to Ba1. As a result of the downgrade, the interest rate on our 2028 Notes increased 25 basis points in September 2023 to 7.80%. Subsequent to December 31, 2023, S&P downgraded our senior unsecured credit rating from BBB- to BB+. As a result of the downgrade, the interest rate will increase 25 basis points in March 2024 to 8.05%.

(g)On January 16, 2024, the Trust Preferred I - Indenture IA was swapped to a fixed rate at 5.14% for the period from March 30, 2024 to December 30, 2026 and Trust Preferred I - Indenture IB and Trust Preferred II - Indenture II were swapped to a fixed rate at 5.24% for the period from January 30, 2024 to January 30, 2027.

Schedule of Maturities of Long-term Debt

As of December 31, 2023, the aggregate principal payments of the unconsolidated real estate ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):


2024	$	803,756
2025	152,032
2026	236,971
2027	—
2028	220,000
Thereafter	—
Total principal payments	1,412,759
Net deferred financing costs	(4,901)

Outstanding indebtedness	$	1,407,858

As of December 31, 2023, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):


2024	$	340,000
2025	70,000
2026	13,824
2027	700,000
2028	595,000
Thereafter	428,610
Total principal payments	2,147,434
Net unamortized premiums/(discounts)	1,878
Net deferred financing costs	(10,480)
Outstanding indebtedness	$	2,138,832