Unsecured and Secured Indebtedness (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Unsecured and Secured Indebtedness

The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions):

	Carrying Value at December 31,						Interest Rate(A) at December 31,		Maturity Date at
	2022			2021			2022	2021	December 31, 2022
Unsecured indebtedness:
Senior notes(B)	$	1,460.0		$	1,460.0		3.375%–4.700%	3.375%–4.700%	May 2023– June 2027
Senior notes – discount, net		(2.3	)		(3.1	)
Net unamortized debt issuance costs		(3.8	)		(5.1	)
Total Senior Notes	$	1,453.9		$	1,451.8
Term Loan	$	200.0		$	100.0		4.0% (C)	1.1%	June 2027
Net unamortized debt issuance costs		(1.5	)		(0.2	)
Total Term Loan	$	198.5		$	99.8
Secured indebtedness:
Mortgage Indebtedness – Fixed Rate	$	54.9		$	126.5		4.5%	4.2%	February 2024– May 2025
Net unamortized debt issuance costs		(0.3	)		(0.7	)
Total Mortgage Indebtedness	$	54.6		$	125.8

(A)The interest rates reflected above for the senior notes represent the range of the coupon rate of the notes outstanding. All other interest rates presented are a weighted average of the outstanding debt. Interest rate on variable-rate debt was calculated using the base rate and spreads effective December 31, 2021.

(B)Effective interest rates ranged from 3.5% to 4.8% as of December 31, 2022 and 2021.

(C)Reflects the utilization of a swap, which caps the variable rate (SOFR) interest rate at 2.75%, plus a 10 basis point credit spread adjustment plus the applicable margin (0.95% at December 31, 2022), which is based on the Company’s long-term unsecured debt rating as described below.

Schedule Principal Repayments

The scheduled principal repayments of the Revolving Credit Facility ($0 at December 31, 2022, Note 8) and unsecured and secured indebtedness, excluding extension options, as of December 31, 2022, were as follows (in thousands):

Year	Amount
2023	$	88,449
2024		93,377
2025		481,542
2026		398,910
2027		649,636
		1,711,914
Unamortized fair market value of assumed debt		737
Net unamortized debt issuance costs		(5,630	)
Total indebtedness	$	1,707,021