v3.25.1
MORTGAGE AND OTHER INDEBTEDNESS (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedules of Indebtedness
The following table summarizes the Company’s indebtedness as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025December 31, 2024
Mortgages payable$146,885 $148,185 
Senior unsecured notes2,030,000 2,380,000 
Unsecured term loans700,000 700,000 
Unsecured revolving line of credit34,000 — 
2,910,885 3,228,185 
Unamortized discounts and premiums, net21,041 22,191 
Unamortized debt issuance costs, net(21,869)(23,446)
Total mortgage and other indebtedness, net$2,910,057 $3,226,930 
The following table summarizes the Company’s mortgages payable (dollars in thousands):
March 31, 2025December 31, 2024
BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity		BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity
Fixed rate mortgages payable(1)
$132,885 5.11 %6.9$133,585 5.10 %7.1
Variable rate mortgage payable(2)
14,000 6.47 %1.314,600 6.48 %1.6
Total mortgages payable$146,885 $148,185 
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of March 31, 2025 and December 31, 2024.
(2)The interest rate on the variable rate mortgage is based on the Secured Overnight Financing Rate (“SOFR”) plus 215 basis points. The one-month SOFR rate was 4.32% and 4.33% as of March 31, 2025 and December 31, 2024, respectively.
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):
March 31, 2025December 31, 2024
Maturity DateBalanceInterest RateBalanceInterest Rate
Senior notes – 4.00% due 2025
March 15, 2025$— — %$350,000 4.00 %
Senior notes – SOFR + 3.65% due 2025(1)
September 10, 202580,000 7.67 %80,000 7.70 %
Senior notes – 4.08% due 2026
September 30, 2026100,000 4.08 %100,000 4.08 %
Senior notes – 4.00% due 2026
October 1, 2026300,000 4.00 %300,000 4.00 %
Senior exchangeable notes – 0.75% due 2027
April 1, 2027175,000 0.75 %175,000 0.75 %
Senior notes – SOFR + 3.75% due 2027(2)
September 10, 202775,000 7.77 %75,000 7.80 %
Senior notes – 4.24% due 2028
December 28, 2028100,000 4.24 %100,000 4.24 %
Senior notes – 4.82% due 2029
June 28, 2029100,000 4.82 %100,000 4.82 %
Senior notes – 4.75% due 2030
September 15, 2030400,000 4.75 %400,000 4.75 %
Senior notes – 4.95% due 2031
December 15, 2031350,000 4.95 %350,000 4.95 %
Senior notes – 5.50% due 2034(3)
March 1, 2034350,000 4.60 %350,000 4.60 %
Total senior unsecured notes$2,030,000 $2,380,000 
(1)$80,000 of 4.47% senior unsecured notes due 2025 has been swapped to a variable rate of three-month SOFR plus 3.65% through September 10, 2025.
(2)$75,000 of 4.57% senior unsecured notes due 2027 has been swapped to a variable rate of three-month SOFR plus 3.75% through September 10, 2025.
(3)The coupon rate is 5.50%; however, as a result of hedging activities, the Company’s interest rate is 4.60%.
The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):
March 31, 2025December 31, 2024
Maturity DateBalanceInterest RateBalanceInterest Rate
Unsecured term loan due 2026 – fixed rate(1)
July 17, 2026$150,000 2.73 %$150,000 2.73 %
Unsecured term loan due 2027 – fixed rate(2)
October 24, 2027250,000 3.94 %250,000 3.94 %
Unsecured term loan due 2029 – fixed rate(3)
July 29, 2029300,000 3.72 %300,000 3.72 %
Total unsecured term loans$700,000 $700,000 
Unsecured credit facility revolving line of credit –
variable rate(4)
October 3, 2028$34,000 5.56 %$— 5.64 %
(1)$150,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through July 17, 2026. The applicable credit spread was 1.05% as of March 31, 2025 and December 31, 2024.
(2)$250,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.99% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through October 24, 2025. The applicable credit spread was 0.95% as of March 31, 2025 and December 31, 2024. The maturity date of the term loan may be extended by one one-year period at the Operating Partnership’s election, subject to certain conditions.
(3)$300,000 of SOFR-based variable rate debt has been swapped to a fixed rate of 2.47% plus a credit spread based on a ratings grid ranging from 1.15% to 2.20% through August 1, 2025. The applicable credit spread was 1.25% as of March 31, 2025 and December 31, 2024.
(4)The revolving line of credit can be extended for either one one-year period or up to two six-month periods at the Company’s election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity.
Schedule of Weighted Average Interest Rates and Maturities
Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of March 31, 2025, considering the impact of interest rate swaps, is summarized below (dollars in thousands):
Amount
Outstanding		RatioWeighted Average
Interest Rate		Weighted Average Years
to Maturity
Fixed rate debt(1)
$2,707,885 93 %4.09 %4.6
Variable rate debt(2)
203,000 7 %7.27 %1.8
Debt discounts, premiums and issuance costs, net(828)N/AN/AN/A
Mortgage and other indebtedness, net$2,910,057 100 %4.31 %4.4
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of March 31, 2025, $700.0 million in variable rate debt is hedged to a fixed rate for a weighted average of 0.6 years.
(2)Variable rate debt includes the portion of fixed rate debt that has been hedged by interest rate swaps. As of March 31, 2025, $155.0 million in fixed rate debt is hedged to a floating rate for a weighted average of 0.4 years.
Schedule of Key Terms of Revolving Facility and Term Loans
The following table summarizes the key terms of the Revolving Facility as of March 31, 2025 (dollars in thousands):
Leverage-Based PricingInvestment-Grade Pricing
Credit AgreementMaturity DateExtension OptionsExtension FeeCredit SpreadFacility FeeCredit SpreadFacility Fee
SOFR Adjustment
$1,100,000 unsecured revolving line of credit
10/3/2028
1 one-year or 2 six-month
0.075%
1.05%–1.50%
0.15%–0.30%
0.725%–1.40%
0.125%–0.30%
0.10%
The following table summarizes the key terms of the unsecured term loans as of March 31, 2025 (dollars in thousands):
Unsecured Term Loans
Maturity DateLeverage-Based Pricing
Credit Spread		Investment-Grade Pricing
Credit Spread
SOFR Adjustment
$150,000 unsecured term loan due 2026
7/17/2026
1.20% – 1.70%
0.75% – 1.60%
0.10%
$250,000 unsecured term loan due 2027
10/24/2027(1)
N/A
0.75% – 1.60%
0.10%
$300,000 unsecured term loan due 2029
7/29/2029N/A
1.15% – 2.20%
0.10%
(1)The maturity date may be extended by one one-year period at the Operating Partnership’s option, subject to certain conditions.
Schedule of Amortization of Debt Issuance Costs The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):
 Three Months Ended March 31,
20252024
Amortization of deferred leasing costs, lease intangibles and other$18,081 $21,278 
Amortization of above-market lease intangibles$1,954 $2,704 
The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):
Three Months Ended March 31,
20252024
Amortization of debt issuance costs$1,644 $929 
Schedule of Amortization of Debt Discounts, Premiums and Hedge Instruments The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):
Three Months Ended March 31,
20252024
Amortization of debt discounts, premiums and hedge instruments$2,756 $3,756 
Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization Maturity
In addition, the estimated amounts of the reduction to interest expense as of March 31, 2025 for each of the next five years and thereafter related to the amortization of debt discounts, premiums and assumed hedge instruments, assuming these instruments are held to maturity, are as follows (in thousands):
April 2025 through December 2025$4,730 
20265,832 
20274,914 
20284,904 
20293,978 
Thereafter484 
Total unamortized debt discounts, premiums and hedge instruments$24,842 
Reconciliation of Unamortized Debt Discounts, Premiums and Hedge Instruments
The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of March 31, 2025 to the balance of unamortized discounts and premiums, net (in thousands):
Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans$23,610 
Unamortized hedge instruments1,232 
Total unamortized debt discounts, premiums and hedge instruments24,842 
Unamortized hedge instruments (included in accumulated other comprehensive income)(1,232)
Fair value of variable interest rate swaps(2,569)
Unamortized discounts and premiums, net$21,041