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Mortgages and Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Consolidated Mortgages and Notes Payable
Our mortgages and notes payable consisted of the following:
December 31,
20242023
Secured indebtedness (1):
5.69% mortgage loan due 2028$200,000 $200,000 
7.29% mortgage loan due 2028 (2)
44,965 45,000 
4.27% (3.61% effective rate) mortgage loan due 2028 (3)
107,584 110,391 
4.00% mortgage loan due 202984,712 87,003 
3.61% (3.19% effective rate) mortgage loan due 2029 (4)
84,054 84,360 
3.40% (3.50% effective rate) mortgage loan due 2033 (5)
69,575 69,524 
4.60% (3.73% effective rate) mortgage loan due 2037 (6)
121,296 124,474 
712,186 720,752 
Unsecured indebtedness:
3.875% (4.038% effective rate) notes due 2027 (7)
299,134 298,734 
4.125% (4.271% effective rate) notes due 2028 (8)
348,690 348,276 
4.200% (4.234% effective rate) notes due 2029 (9)
349,583 349,484 
3.050% (3.079% effective rate) notes due 2030 (10)
399,498 399,400 
2.600% (2.645% effective rate) notes due 2031 (11)
399,048 398,892 
7.650% (7.836% effective rate) notes due 2034 (12)
345,862 345,407 
Variable rate term loan due 2026 (13)
200,000 200,000 
Variable rate term loan due 2027 (13)
150,000 150,000 
Revolving credit facility due 2028 (14)
104,000 20,000 
2,595,815 2,510,193 
Less-unamortized debt issuance costs(14,442)(17,739)
Total mortgages and notes payable, net$3,293,559 $3,213,206 
__________
(1)Our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $1,245.0 million as of December 31, 2024. We paid down $7.1 million of secured loan balances through principal amortization during 2024.
(2)The borrower under this loan is our Midtown West joint venture, a consolidated 80.0% owned joint venture. See Note 4.
(3)Net of unamortized fair market value premium of $2.1 million and $2.7 million as of December 31, 2024 and 2023, respectively.
(4)Net of unamortized fair market value premium of $1.4 million and $1.7 million as of December 31, 2024 and 2023, respectively.
(5)Net of unamortized fair market value discount of $0.4 million and $0.5 million as of December 31, 2024 and 2023, respectively.
(6)Net of unamortized fair market value premium of $8.0 million and $8.6 million as of December 31, 2024 and 2023, respectively.
(7)Net of unamortized original issuance discount of $0.9 million and $1.3 million as of December 31, 2024 and 2023, respectively.
(8)Net of unamortized original issuance discount of $1.3 million and $1.7 million as of December 31, 2024 and 2023, respectively.
(9)Net of unamortized original issuance discount of $0.4 million and $0.5 million as of December 31, 2024 and 2023, respectively.
(10)Net of unamortized original issuance discount of $0.5 million and $0.6 million as of December 31, 2024 and 2023, respectively.
(11)Net of unamortized original issuance discount of $1.0 million and $1.1 million as of December 31, 2024 and 2023, respectively.
(12)Net of unamortized original issuance discount of $4.1 million and $4.6 million as of December 31, 2024 and 2023, respectively.
(13)The interest rate was 5.35% as of December 31, 2024.
(14)The interest rate was 5.25% as of December 31, 2024.
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, 2024:
Years Ending December 31,Amount
2025$7,156 
2026206,922 
2027458,976 
2028803,168 
2029517,267 
Thereafter1,314,512 
Less-unamortized debt issuance costs(14,442)
$3,293,559