Unsecured and Secured Indebtedness (Tables)

12 Months Ended

Dec. 31, 2023

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
	2023			2022			2023	2022	December 31, 2023
Unsecured indebtedness:
Senior notes(B)	$	1,307.1		$	1,460.0		3.625%–4.700%	3.375%–4.700%	February 2025 – June 2027
Senior notes – discount, net		(1.4	)		(2.3	)
Net unamortized debt issuance costs		(2.5	)		(3.8	)
Total Senior Notes	$	1,303.2		$	1,453.9
Term Loan	$	200.0		$	200.0		4.0% (C)	4.0% (C)	June 2027
Net unamortized debt issuance costs		(1.1	)		(1.5	)
Total Term Loan	$	198.9		$	198.5
Secured indebtedness:
Mortgage Indebtedness – Fixed Rate	$	125.9		$	54.9		6.2%	4.5%	February 2025  – November 2028
Net unamortized debt issuance costs		(1.7	)		(0.3	)
Total Mortgage Indebtedness	$	124.2		$	54.6

(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, 2023 and 2022.

(B)Effective interest rates ranged from 3.8% to 4.8% as of December 31, 2023 and from 3.5% to 4.8% as of December 31, 2022.

(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 both December 31, 2023 and 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, 2023, Note 6) and unsecured and secured indebtedness, excluding extension options, as of December 31, 2023, were as follows (in thousands):

Year	Amount
2024	$	684
2025		483,508
2026		401,003
2027		651,581
2028		94,633
		1,631,409
Unamortized fair market value of assumed debt		201
Net unamortized debt issuance costs		(5,335	)
Total indebtedness	$	1,626,275