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Mortgages and Notes Payable (Tables)
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The Company had the following mortgages and notes payable outstanding as of December 31, 2023 and 2022:
December 31, 2023December 31, 2022
Mortgages and notes payable$60,888 $73,154 
Unamortized debt issuance costs(764)(1,051)
$60,124 $72,103 
Schedule of Line of Credit Facilities The maturity dates and interest rates as of December 31, 2023, are as follows:
Maturity DateInterest 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.
Schedule of Maturities of Long-term Debt
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 
20255,570 
20265,773 
2027305,984 
20282,223 
Thereafter35,965 
360,888 
Unamortized debt issuance costs(4,000)
$356,888 
Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:
Year ending December 31,Total
2024$198,932 
2025— 
2026— 
2027— 
2028300,000 
Thereafter929,120 
1,428,052 
Unamortized debt discounts(4,489)
Unamortized debt issuance costs(9,624)
$1,413,939