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Mortgages and Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Consolidated Mortgages and Notes Payable
Our mortgages and notes payable consisted of the following:
December 31,
20222021
Secured indebtedness (1):
4.27% (3.61% effective rate) mortgage loan due 2028 (2)
$113,105 $115,731 
4.00% mortgage loan due 202989,204 91,318 
3.61% (3.19% effective rate) mortgage loan due 2029 (3)
84,666 84,973 
3.40% (3.50% effective rate) mortgage loan due 2033 (4)
69,473 69,422 
4.60% (3.73% effective rate) mortgage loan due 2037 (5)
127,540 130,498 
483,988 491,942 
Unsecured indebtedness:
3.625% (3.752% effective rate) notes due 2023 (6)
— 249,726 
3.875% (4.038% effective rate) notes due 2027 (7)
298,334 297,934 
4.125% (4.271% effective rate) notes due 2028 (8)
347,863 347,449 
4.200% (4.234% effective rate) notes due 2029 (9)
349,386 349,288 
3.050% (3.079% effective rate) notes due 2030 (10)
399,302 399,204 
2.600% (2.645% effective rate) notes due 2031 (11)
398,735 398,579 
Variable rate term loan due 2026 (12)
200,000 200,000 
Variable rate term loan due 2027 (12)
150,000 — 
Variable rate term loan due 2024 (12)
200,000 — 
Revolving credit facility due 2025 (13)
386,000 70,000 
2,729,620 2,312,180 
Less-unamortized debt issuance costs(16,393)(15,207)
Total mortgages and notes payable, net$3,197,215 $2,788,915 
__________
(1)Our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $747.4 million as of December 31, 2022. We paid down $6.4 million of secured loan balances through principal amortization during 2022.
(2)Net of unamortized fair market value premium of $3.3 million and $3.9 million as of December 31, 2022 and 2021, respectively.
(3)Net of unamortized fair market value premium of $2.0 million and $2.3 million as of December 31, 2022 and 2021, respectively.
(4)Net of unamortized fair market value discount of $0.5 million and $0.6 million as of December 31, 2022 and 2021, respectively.
(5)Net of unamortized fair market value premium of $9.3 million and $10.0 million as of December 31, 2022 and 2021, respectively.
(6)Net of unamortized original issuance discount of $0.3 million as of December 31, 2021. This debt was repaid in 2022.
(7)Net of unamortized original issuance discount of $1.7 million and $2.1 million as of December 31, 2022 and 2021, respectively.
(8)Net of unamortized original issuance discount of $2.1 million and $2.6 million as of December 31, 2022 and 2021, respectively.
(9)Net of unamortized original issuance discount of $0.6 million and $0.7 million as of December 31, 2022 and 2021, respectively.
(10)Net of unamortized original issuance discount of $0.7 million and $0.8 million as of December 31, 2022 and 2021, respectively.
(11)Net of unamortized original issuance discount of $1.3 million and $1.4 million as of December 31, 2022 and 2021, respectively.
(12)The interest rate was 5.34% as of December 31, 2022.
(13)The interest rate was 5.24% as of December 31, 2022.
Schedule of Long-term Debt Instruments
The following table sets forth scheduled future principal payments, including amortization, due on our mortgages and notes payable as of December 31, 2022:
Years Ending December 31,Amount
2023$7,069 
2024207,365 
2025393,176 
2026206,911 
2027458,929 
Thereafter1,940,158 
Less-unamortized debt issuance costs(16,393)
$3,197,215