Debt (Tables)

9 Months Ended

Sep. 30, 2023

Mortgage loans

Debt Instrument [Line Items]

Summary of debt

	Weighted Average
	Effective
	Interest Rate (1)	September 30, 2023		December 31, 2022
		(In thousands)
Variable rate (2)	6.16%	$	550,048	$	892,268
Fixed rate (3)	4.78%		1,191,362		1,009,607
Mortgage loans			1,741,410		1,901,875
Unamortized deferred financing costs and premium / discount, net (4)			(14,277)		(11,701)
Mortgage loans, net		$	1,727,133	$	1,890,174

(1) Weighted average effective interest rate as of September 30, 2023.

(2) Includes variable rate mortgage loans with interest rate cap agreements. For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.16%, and the weighted average maturity date of the interest rate caps is December 2024. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of September 30, 2023, one-month term SOFR was 5.32%.

(3) Includes variable rate mortgages with interest rates fixed by interest rate swap agreements.

(4) As of September 30, 2023 and December 31, 2022, excludes $1.8 million and $2.2 million of net deferred financing costs related to unfunded mortgage loans that were included in "Other assets, net" in our balance sheets.

Line of credit

Debt Instrument [Line Items]

Summary of debt

	Effective
	Interest Rate (1)	September 30, 2023		December 31, 2022
		(In thousands)
Revolving credit facility (2) (3)	6.71%	$	92,000	$	—
Tranche A-1 Term Loan (4)	2.60%	$	200,000	$	200,000
Tranche A-2 Term Loan (4)	3.53%		400,000		350,000
2023 Term Loan (5)	5.26%		120,000		—
Term loans			720,000		550,000
Unamortized deferred financing costs, net			(3,047)		(2,928)
Term loans, net		$	716,953	$	547,072

(1) Effective interest rate as of September 30, 2023. The interest rate for our revolving credit facility excludes a 0.15% facility fee.

(2) As of September 30, 2023, daily SOFR was 5.31%. As of September 30, 2023 and December 31, 2022, letters of credit with an aggregate face amount of $467,000 were outstanding under our revolving credit facility. In October 2023, we drew an additional $50.0 million under the revolving credit facility.

(3) As of September 30, 2023 and December 31, 2022, excludes $10.9 million and $3.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets.

(4) As of September 30, 2023 and December 31, 2022, the outstanding balance was fixed by interest rate swap agreements. As of September 30, 2023, these interest rate swap agreements fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.29% for the Tranche A-2 Term Loan. Interest rate swaps for the Tranche A-1 Term Loan with a total notional value of $200.0 million mature in July 2024. Interest rate swaps for the Tranche A-2 Term Loan with a total notional value of $200.0 million mature in July 2024 and with a total notional value of $200.0 million mature in January 2028. We have two forward-starting interest rate swaps that will be effective July 2024 with a total notional value of $200.0 million, which will effectively fix SOFR for the Tranche A-2 Term Loan at a weighted average interest rate of 2.81% through the maturity date.

(5) As of September 30, 2023, the outstanding balance was fixed by an interest rate swap agreement, which fixes SOFR at an interest rate of 4.01% through the maturity date.