Debt (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of maturities of long-term debt

The following table presents scheduled principal payments related to the Company’s debt as of December 31, 2023 (presented in thousands):

	Scheduled		Balloon
	Principal		Payment		Total
2024	$	963	$	—	$	963
2025		1,026		50,000		51,026
2026 (1)		629		227,000		227,629
2027		—		50,000		50,000
2028		—		410,000		410,000
Thereafter		—		1,692,250		1,692,250
Total scheduled principal payments	$	2,618	$	2,429,250	$	2,431,868

(1) The Revolving Credit Facility matures in January 2026, with options to extend the maturity to January 2027. The Revolving Credit Facility had a $227.0 million outstanding balance as of December 31, 2023.

Mortgages [Member]

Schedule of long-term debt instruments

Mortgage notes payable consisted of the following (presented in thousands):

	December 31, 2023		December 31, 2022
Note payable in monthly installments of interest only at 5.01% per annum, matured in September 2023	$	—	$	4,622
Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026		2,618		3,523
Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029		42,250		42,250
Total principal		44,868		50,395
Unamortized debt issuance costs and assumed debt discount, net		(2,057)		(2,424)
Total	$	42,811	$	47,971

Unsecured term loan

Schedule of maturities of long-term debt

The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of December 31, 2023 and December 31, 2022 (presented in thousands):

	All-in
	Interest Rate (1)		Maturity	December 31, 2023		December 31, 2022
2029 Unsecured Term Loan	4.52	%	January 2029	$	350,000	$	—
Total Principal					350,000		—
Unamortized debt issuance costs, net					(3,202)		—
Total				$	346,798	$	—

(1) Interest rate at December 31, 2023 reflects the spread of 95 basis points plus the impact of interest rate swaps which converted $350 million of SOFR-based interest to a fixed interest rate of 3.57%.

Senior Unsecured Notes [Member]

Schedule of long-term debt instruments

The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of December 31, 2023, and 2022 (presented in thousands):

	All-in		Coupon
	Interest Rate (1)		Rate		Maturity	December 31, 2023		December 31, 2022
2025 Senior Unsecured Notes	4.16	%	4.16	%	May 2025	$	50,000	$	50,000
2027 Senior Unsecured Notes	4.26	%	4.26	%	May 2027		50,000		50,000
2028 Senior Unsecured Public Notes	2.11	%	2.00	%	June 2028		350,000		350,000
2028 Senior Unsecured Notes	4.42	%	4.42	%	July 2028		60,000		60,000
2029 Senior Unsecured Notes	4.19	%	4.19	%	September 2029		100,000		100,000
2030 Senior Unsecured Notes	4.32	%	4.32	%	September 2030		125,000		125,000
2030 Senior Unsecured Public Notes	3.49	%	2.90	%	October 2030		350,000		350,000
2031 Senior Unsecured Notes	4.42	%	4.47	%	October 2031		125,000		125,000
2032 Senior Unsecured Public Notes	3.96	%	4.80	%	October 2032		300,000		300,000
2033 Senior Unsecured Public Notes	2.13	%	2.60	%	June 2033		300,000		300,000
Total Principal							1,810,000		1,810,000
Unamortized debt issuance costs and original issue discounts, net							(15,688)		(17,953)
Total						$	1,794,312	$	1,792,047

(1) The all-in interest rate reflects the straight-line amortization of the terminated swap agreements, as applicable.