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Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
As of June 30, 2024 and December 31, 2023, the Company’s consolidated debt consisted of the following:
Carrying Value
June 30, 2024December 31, 2023
Contractual Interest 
Rate (1)
Loan
Maturity(2)
Effective Interest Rate(3)
Secured Debt
Pepsi Bottling Ventures Mortgage Loan$17,236 $17,439 3.69%October 20243.80%
AIG Loan II105,576 119,953 4.15%November 20254.84%
BOA II Loan250,000 250,000 4.32%May 20284.14%
AIG Loan91,187 92,444 4.96%February 20295.12%
Highway 94 Mortgage Loan— 11,709 —%(4)—(4)—%
Total Secured Debt 463,999 491,545 
Unsecured Debt(7)
Revolving Loan400,000 400,000 
SOF Rate + 1.30%
(5)January 2026(6)7.11%
2025 Term Loan 400,000 400,000 
SOF Rate + 1.25%
(5)December 20257.00%
2026 Term Loan150,000 150,000 
SOF Rate + 1.25%
(5)April 20266.84%
Total Unsecured Debt950,000 950,000 
Total Debt1,413,999 1,441,545 
Unamortized Deferred Financing Costs and Discounts, net(5,482)(5,622)
Total Debt, net$1,408,517 $1,435,923 
(1)Including the effect of the interest rate swap agreements with a total notional amount of $750.0 million (maturing on July 1, 2025), the weighted average interest rate as of June 30, 2024 was 4.20% for both the Company’s fixed-rate and variable-rate debt combined and 3.77% for the Company’s fixed-rate debt only.
(2)Reflects the loan maturity dates as of June 30, 2024.
(3)The Effective Interest Rate for the Company's unsecured debt is calculated on a weighted average basis and is inclusive of the Company's $750 million floating to fixed interest rate swaps maturing on July 1, 2025.
(4)Highway 94 Mortgage loan was paid off in full in March 2024 in connection with the tenant’s closing on exercise of its purchase option for the Other segment property located in Jefferson City, Missouri.
(5)The applicable SOFR as of June 30, 2024 (calculated per the Second Amended and Restated Credit Agreement) was 5.31%.
(6)During the quarter ended June 30, 2024, the Company exercised its option to extend the Revolving Loan Maturity Date (as defined in the Second Amended and Restated Credit Agreement) to January 31, 2026.
(7)On July 25, 2024, the Company entered into an Eighth Amendment to the Second Amended and Restated Credit Agreement, which modified, among other terms, maturity dates of certain loans, the interest rate, the maximum commitment amount under the Revolving Loan, and certain terms related to debt covenants. Refer to Note 16. Subsequent Events for further details.