Indebtedness (Tables)

12 Months Ended

Dec. 31, 2022

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at December 31, 2022	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2022		December 31, 2021
Mortgage Loans Payable, Gross	$	10,299	$	79,764	4.17%	4.17%	8/1/2028
Unamortized Debt Issuance Costs	—		(90)

Mortgage Loans Payable, Net	$	10,299	$	79,674
Senior Unsecured Notes, Gross
2027 Notes	6,070		6,070		7.15%	7.11%	5/15/2027
2028 Notes	31,901		31,901		7.60%	8.13%	7/15/2028
2032 Notes	10,600		10,600		7.75%	7.87%	4/15/2032
2027 Private Placement Notes	125,000		125,000		4.30%	4.30%	4/20/2027
2028 Private Placement Notes	150,000		150,000		3.86%	3.86%	2/15/2028
2029 Private Placement Notes	75,000		75,000		4.40%	4.40%	4/20/2029
2029 II Private Placement Notes	150,000		150,000		3.97%	4.23%	7/23/2029
2030 Private Placement Notes	150,000		150,000		3.96%	3.96%	2/15/2030
2030 II Private Placement Notes	100,000		100,000		2.74%	2.74%	9/17/2030
2032 Private Placement Notes	200,000		200,000		2.84%	2.84%	9/17/2032
Subtotal	$	998,571	$	998,571
Unamortized Debt Issuance Costs	(4,777)		(5,491)
Unamortized Discounts	(52)		(59)
Senior Unsecured Notes, Net	$	993,742	$	993,021
Unsecured Term Loans, Gross
2015 Unsecured Term Loan	—		260,000		N/A	N/A	N/A
2021 Unsecured Term Loan (A)	200,000		200,000		1.84%	N/A	7/7/2026
2022 Unsecured Term Loan (A)	425,000		—		3.64%	N/A	10/18/2027
2022 Unsecured Term Loan II (A)(B)	300,000		—		4.88%	N/A	8/12/2025
Subtotal	$	925,000	$	460,000
Unamortized Debt Issuance Costs	(5,740)		(1,675)
Unsecured Term Loans, Net	$	919,260	$	458,325
Unsecured Credit Facility (C)	$	143,000	$	79,000	5.16%	N/A	7/7/2025

(A) The interest rate at December 31, 2022 includes the impact of derivative instruments in which we entered to effectively convert the variable rate to a fixed rate. See Note 12.

(B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions.

(C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $3,285 and $4,577 as of December 31, 2022 and 2021, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Schedule of Maturities

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts and debt issuance costs, for the next five years as of December 31, and thereafter:


	Amount
2023	$	320
2024	335
2025	443,349
2026	200,364
2027	556,449
Thereafter	876,053
Total	$	2,076,870

Summary of Indebtedness at Estimated Fair Value

At December 31, 2022 and 2021, the fair value of our indebtedness was as follows:


	December 31, 2022				December 31, 2021
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loans Payable, Net	$	10,299	$	9,765	$	79,764	$	81,700
Senior Unsecured Notes, Net	998,519		883,444		998,512		1,070,067
Unsecured Term Loans	925,000		909,187		460,000		460,486
Unsecured Credit Facility	143,000		143,000		79,000		79,000
Total	$	2,076,818	$	1,945,396	$	1,617,276	$	1,691,253

(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.