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Mortgages and Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Consolidated Mortgages and Notes Payable
Our mortgages and notes payable consisted of the following:
December 31,
20232022
Secured indebtedness (1):
5.69% mortgage loan due 2028$200,000 $— 
7.29% mortgage loan due 2028 (2)
45,000 — 
4.27% (3.61% effective rate) mortgage loan due 2028 (3)
110,391 113,105 
4.00% mortgage loan due 202987,003 89,204 
3.61% (3.19% effective rate) mortgage loan due 2029 (4)
84,360 84,666 
3.40% (3.50% effective rate) mortgage loan due 2033 (5)
69,524 69,473 
4.60% (3.73% effective rate) mortgage loan due 2037 (6)
124,474 127,540 
720,752 483,988 
Unsecured indebtedness:
3.875% (4.038% effective rate) notes due 2027 (7)
298,734 298,334 
4.125% (4.271% effective rate) notes due 2028 (8)
348,276 347,863 
4.200% (4.234% effective rate) notes due 2029 (9)
349,484 349,386 
3.050% (3.079% effective rate) notes due 2030 (10)
399,400 399,302 
2.600% (2.645% effective rate) notes due 2031 (11)
398,892 398,735 
7.650% (7.836% effective rate) notes due 2034 (12)
345,407 — 
Variable rate term loan due 2026 (13)
200,000 200,000 
Variable rate term loan due 2027 (13)
150,000 150,000 
Variable rate term loan due 2024 (14)
— 200,000 
Revolving credit facility due 2025 (15)
20,000 386,000 
2,510,193 2,729,620 
Less-unamortized debt issuance costs(17,739)(16,393)
Total mortgages and notes payable, net$3,213,206 $3,197,215 
__________
(1)Our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $1,237.6 million as of December 31, 2023. We paid down $6.7 million of secured loan balances through principal amortization during 2023.
(2)The borrower under this loan is our Midtown West joint venture, a consolidated 80.0% owned joint venture. See Note 4.
(3)Net of unamortized fair market value premium of $2.7 million and $3.3 million as of December 31, 2023 and 2022, respectively.
(4)Net of unamortized fair market value premium of $1.7 million and $2.0 million as of December 31, 2023 and 2022, respectively.
(5)Net of unamortized fair market value discount of $0.5 million as of both December 31, 2023 and 2022.
(6)Net of unamortized fair market value premium of $8.6 million and $9.3 million as of December 31, 2023 and 2022, respectively.
(7)Net of unamortized original issuance discount of $1.3 million and $1.7 million as of December 31, 2023 and 2022, respectively.
(8)Net of unamortized original issuance discount of $1.7 million and $2.1 million as of December 31, 2023 and 2022, respectively.
(9)Net of unamortized original issuance discount of $0.5 million and $0.6 million as of December 31, 2023 and 2022, respectively.
(10)Net of unamortized original issuance discount of $0.6 million and $0.7 million as of December 31, 2023 and 2022, respectively.
(11)Net of unamortized original issuance discount of $1.1 million and $1.3 million as of December 31, 2023 and 2022, respectively.
(12)Net of unamortized original issuance discount of $4.6 million as of December 31, 2023.
(13)The interest rate was 6.35% as of December 31, 2023.
(14)This loan was repaid in full as of December 31, 2023.
(15)The interest rate was 6.25% as of December 31, 2023.
Schedule of Long-term Debt Instruments
The following table sets forth scheduled future principal payments, including amortization, due on our mortgages and notes payable as of December 31, 2023:
Years Ending December 31,Amount
2024$6,944 
202527,156 
2026206,922 
2027458,976 
2028699,168 
Thereafter1,831,779 
Less-unamortized debt issuance costs(17,739)
$3,213,206