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3 Months Ended

Mar. 31, 2024

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Mortgage Loans

The following is a summary of mortgage loans:

	Weighted Average
	Effective
	Interest Rate (1)	March 31, 2024		December 31, 2023
		(In thousands)
Variable rate (2)	6.31%	$	641,382	$	608,582
Fixed rate (3)	4.78%		1,189,484		1,189,643
Mortgage loans			1,830,866		1,798,225
Unamortized deferred financing costs and premium / discount, net			(14,358)		(15,211)
Mortgage loans, net		$	1,816,508	$	1,783,014

(1) Weighted average effective interest rate as of March 31, 2024.

(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 3.41%, and the weighted average maturity date of the interest rate caps was April 2025. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of March 31, 2024, one-month term Secured Overnight Financing Rate ("SOFR") was 5.33%.

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

As of March 31, 2024 and December 31, 2023, the net carrying value of real estate collateralizing our mortgage loans totaled $2.2 billion. Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and, in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. Certain mortgage loans are recourse to us. See Note 17 for additional information.

As of March 31, 2024 and December 31, 2023, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $1.6 billion and $1.7 billion. See Note 15 for additional information.

Revolving Credit Facility and Term Loans

As of March 31, 2024 and December 31, 2023, our unsecured revolving credit facility and term loans totaling $1.5 billion consisted of a $750.0 million revolving credit facility maturing in June 2027, a $200.0 million term loan ("Tranche A-1 Term Loan") maturing in January 2025, a $400.0 million term loan ("Tranche A-2 Term Loan") maturing in January 2028 and a $120.0 million term loan ("2023 Term Loan") maturing in June 2028. The revolving credit facility has two six-month extension options, and the Tranche A-1 Term Loan has two one-year extension options.

The following is a summary of amounts outstanding under the revolving credit facility and term loans:

	Effective
	Interest Rate (1)	March 31, 2024		December 31, 2023
		(In thousands)
Revolving credit facility (2) (3)	6.79%	$	—	$	62,000
Tranche A-1 Term Loan (4)	2.70%	$	200,000	$	200,000
Tranche A-2 Term Loan (5)	3.58%		400,000		400,000
2023 Term Loan (6)	5.31%		120,000		120,000
Term loans			720,000		720,000
Unamortized deferred financing costs, net			(2,609)		(2,828)
Term loans, net		$	717,391	$	717,172

(1) Effective interest rate as of March 31, 2024. The interest rate for our revolving credit facility excludes a 0.15% facility fee.

(2) As of March 31, 2024, daily SOFR was 5.34%. As of March 31, 2024 and December 31, 2023, letters of credit with an aggregate face amount of $467,000 were outstanding under our revolving credit facility.

(3) As of March 31, 2024 and December 31, 2023, excludes $9.5 million and $10.2 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 March 31, 2024 and December 31, 2023, the interest rate swaps fix SOFR at a weighted average interest rate of 1.46%. Interest rate swaps with a total notional value of $200.0 million mature in July 2024. 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 at a weighted average interest rate of 4.00% through January 2027.

(5) As of March 31, 2024 and December 31, 2023, the interest rate swaps fix SOFR at a weighted average interest rate of 2.29%. Interest rate swaps 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 at a weighted average interest rate of 2.81% through the maturity date.

(6) As of March 31, 2024 and December 31, 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.