Indebtedness (Tables)

9 Months Ended

Sep. 30, 2023

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at September 30, 2023	Effective Interest Rate at Issuance	Maturity Date
	September 30, 2023		December 31, 2022
Mortgage Loan Payable	$	10,059	$	10,299	4.17%	4.17%	8/1/2028



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	(4,241)		(4,777)
Unamortized Discounts	(48)		(52)
Senior Unsecured Notes, Net	$	994,282	$	993,742
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)	200,000		200,000		1.81%	N/A	7/7/2026
2022 Unsecured Term Loan (A)	425,000		425,000		3.64%	N/A	10/18/2027
2022 Unsecured Term Loan II (A)(B)	300,000		300,000		4.88%	N/A	8/12/2025
Subtotal	$	925,000	$	925,000
Unamortized Debt Issuance Costs	(4,540)		(5,740)
Unsecured Term Loans, Net	$	920,460	$	919,260
Unsecured Credit Facility (C)	$	275,000	$	143,000	6.18%	N/A	7/7/2025

_______________

(A) The interest rate at September 30, 2023 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 10.

(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 $2,315 and $3,285 as of September 30, 2023 and December 31, 2022, 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, debt issuance costs and the impact of extension options, for the next five years as of September 30, and thereafter:


	Amount
Remainder of 2023	$	80
2024	335
2025	575,349
2026	200,364
2027	556,449
Thereafter	876,053
Total	$	2,208,630

Summary of Indebtedness at Estimated Fair Value

At September 30, 2023 and December 31, 2022, the fair value of our indebtedness was as follows:


	September 30, 2023				December 31, 2022
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loan Payable	$	10,059	$	9,520	$	10,299	$	9,765
Senior Unsecured Notes, Net	998,523		850,483		998,519		883,444
Unsecured Term Loans	925,000		925,000		925,000		909,187
Unsecured Credit Facility	275,000		275,000		143,000		143,000
Total	$	2,208,582	$	2,060,003	$	2,076,818	$	1,945,396

_______________

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