Mortgages and Notes Payable

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Mortgages and Notes Payable

Mortgages and Notes Payable

The Company had the following mortgages and notes payable outstanding as of December 31, 2023 and 2022:

	December 31, 2023		December 31, 2022
Mortgages and notes payable	$	60,888	$	73,154
Unamortized debt issuance costs	(764)		(1,051)
	$	60,124	$	72,103

Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 4.3% at December 31, 2023 and 2022, respectively, and all mortgages and notes payable mature between 2028 and 2031 as of December 31, 2023. The weighted-average interest rate at December 31, 2023 and 2022 was approximately 4.0%, respectively.

The Company has an unsecured credit agreement with KeyBank National Association, as agent. The maturity dates and interest rates as of December 31, 2023, are as follows:

	Maturity Date	Interest Rate
$600,000 Revolving Credit Facility(1)	July 2026	SOFR + 0.85%
$300,000 Term Loan(2)	January 2027	Term SOFR + 1.00%

(1)Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate ranges from SOFR (plus a 0.10% index adjustment) plus 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At December 31, 2023, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance.

(2)    In November 2023, the Company amended the agreement governing the $300,000 term loan. The amendment, among other things, extends the maturity of the term loan from January 31, 2025 to January 31, 2027. The Term SOFR portion of the interest rate was swapped to obtain a current fixed rate of 2.722% per annum until January 31, 2025. The Company recognized $132 of debt satisfaction losses in connection with this transaction. The aggregate unamortized debt issuance costs for the term loan were $3,236 and $1,041 as of December 31, 2023 and 2022, respectively.

The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at December 31, 2023.

Mortgages payable and secured loans are generally collateralized by real estate and the related leases. Certain mortgages payable have yield maintenance or defeasance requirements relating to any prepayments.

Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows:

Year ending December 31,	Total
2024	$	5,373
2025	5,570
2026	5,773
2027	305,984
2028	2,223
Thereafter	35,965
	360,888
Unamortized debt issuance costs	(4,000)
	$	356,888

In addition, the Company capitalized $11,059, $7,235 and $2,974 of interest expense for the years ended 2023, 2022 and 2021, respectively.