Debt, Net (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of debt

Our debt consisted of the following (dollars in thousands):

	Carrying Value (1) as of
	March 31, 2022		December 31, 2021		March 31, 2022
					Stated Interest Rates	Scheduled Maturity
Mortgage and Other Secured Debt:
Fixed rate mortgage debt	$	86,331	$	86,960	3.82% - 4.62% (2)	2023-2026
Variable rate secured debt	33,636		33,667		LIBOR + 1.45% to 1.55% (3)	2025-2026
Total mortgage and other secured debt	119,967		120,627
Revolving Credit Facility (4)	160,000		76,000		LIBOR + 0.775% to 1.45% (5)	March 2023 (4)
Term Loan Facility (6)	99,855		299,420		LIBOR + 1.00% to 1.65% (7)	December 2022
Unsecured Senior Notes
2.25%, $400,000 aggregate principal	395,751		395,491		2.25% (8)	March 2026
2.00%, $400,000 aggregate principal	396,631		396,512		2.00% (9)	January 2029
2.75%, $600,000 aggregate principal	589,323		589,060		2.75% (10)	April 2031
2.90%, $400,000 aggregate principal	394,542		394,441		2.90% (11)	December 2033
Unsecured note payable	715		753		0% (12)	May 2026
Total debt, net	$	2,156,784	$	2,272,304

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.1 million as of March 31, 2022 and $5.8 million as of December 31, 2021.

(2)The weighted average interest rate on our fixed rate mortgage debt was 4.07% as of March 31, 2022.

(3)The weighted average interest rate on our variable rate secured debt was 1.75% as of March 31, 2022.

(4)The facility matures in March 2023, with the ability for us to further extend such maturity by two six-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.075% of the total availability under the facility for each extension period. In connection with this facility, we also have the ability to borrow up to $500.0 million under new term loans from the facility’s lender group provided that there is no default under the facility and subject to the approval of the lenders.

(5)The weighted average interest rate on the Revolving Credit Facility was 1.38% as of March 31, 2022.

(6)We repaid $200.0 million of this loan during the three months ended March 31, 2022.

(7)The interest rate on this loan was 1.48% as of March 31, 2022.

(8)The carrying value of these notes reflects an unamortized discount totaling $3.4 million as of March 31, 2022 and $3.6 million as of December 31, 2021. The effective interest rate under the notes, including amortization of the issuance costs, was 2.48%.

(9)The carrying value of these notes reflects an unamortized discount totaling $2.4 million as of March 31, 2022 and $2.5 million as of December 31, 2021. The effective interest rate under the notes, including amortization of the issuance costs, was 2.09%.

(10)The carrying value of these notes reflects an unamortized discount totaling $9.2 million as of March 31, 2022 and $9.5 million as of December 31, 2021. The effective interest rate under the notes, including amortization of the issuance costs, was 2.94%.

(11)The carrying value of these notes reflects an unamortized discount totaling $4.5 million as of March 31, 2022 and December 31, 2021. The effective interest rate under the notes, including amortization of the issuance costs, was 3.01%.

(12)This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates.  The carrying value of this note reflects an unamortized discount totaling $96,000 as of March 31, 2022 and $108,000 as of December 31, 2021.

Schedule of Debt Maturities

Our debt matures on the following schedule (in thousands):

Year Ending December 31,	March 31, 2022
2022 (1)	$	102,559
2023	178,953
2024	29,983
2025	23,717
2026	446,300
Thereafter	1,400,000
Total	$	2,181,512	(2)

(1)Represents the nine months ending December 31, 2022.

(2)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $24.7 million.

Schedule of the fair value of debt

The following table sets forth information pertaining to the fair value of our debt (in thousands): 

	March 31, 2022				December 31, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Fixed-rate debt
Unsecured Senior Notes	$	1,776,247	$	1,779,846	$	1,775,504	$	1,809,950
Other fixed-rate debt	87,046		84,608		87,713		87,339
Variable-rate debt	293,491		293,729		409,087		409,639
	$	2,156,784	$	2,158,183	$	2,272,304	$	2,306,928