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Mortgages and Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Consolidated Mortgages and Notes Payable
Our mortgages and notes payable consisted of the following:
December 31,
20252024
Secured indebtedness (1):
5.69% mortgage loan due 2028$200,000 $200,000 
7.29% mortgage loan due 2028 (2)
44,530 44,965 
4.27% (3.61% effective rate) mortgage loan due 2028 (3)
104,681 107,584 
4.00% mortgage loan due 202983,730 84,712 
3.61% (3.19% effective rate) mortgage loan due 2029 (4)
83,748 84,054 
3.40% (3.50% effective rate) mortgage loan due 2033 (5)
68,721 69,575 
4.60% (3.73% effective rate) mortgage loan due 2037 (6)
117,999 121,296 
703,409 712,186 
Unsecured indebtedness:
3.875% (4.038% effective rate) notes due 2027 (7)
299,533 299,134 
4.125% (4.271% effective rate) notes due 2028 (8)
349,104 348,690 
4.200% (4.234% effective rate) notes due 2029 (9)
349,681 349,583 
3.050% (3.079% effective rate) notes due 2030 (10)
399,596 399,498 
2.600% (2.645% effective rate) notes due 2031 (11)
399,205 399,048 
5.350% (5.431% effective rate) notes due 2033 (12)
348,308 — 
7.650% (7.836% effective rate) notes due 2034 (13)
346,318 345,862 
Variable rate term loan due 2026 (14)
— 200,000 
Variable rate term loan due 2027 (15)
150,000 150,000 
Variable rate term loan due 2029 (16)
200,000 — 
Revolving credit facility due 2028 (16)
25,000 104,000 
2,866,745 2,595,815 
Less-unamortized debt issuance costs(15,976)(14,442)
Total mortgages and notes payable, net$3,554,178 $3,293,559 
__________
(1)Our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $1,263.4 million as of December 31, 2025. We paid down $7.3 million of secured loan balances through principal amortization during 2025.
(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 $1.5 million and $2.1 million as of December 31, 2025 and 2024, respectively.
(4)Net of unamortized fair market value premium of $1.1 million and $1.4 million as of December 31, 2025 and 2024, respectively.
(5)Net of unamortized fair market value discount of $0.4 million and $0.4 million as of December 31, 2025 and 2024, respectively.
(6)Net of unamortized fair market value premium of $7.3 million and $8.0 million as of December 31, 2025 and 2024, respectively.
(7)Net of unamortized original issuance discount of $0.5 million and $0.9 million as of December 31, 2025 and 2024, respectively.
(8)Net of unamortized original issuance discount of $0.9 million and $1.3 million as of December 31, 2025 and 2024, respectively.
(9)Net of unamortized original issuance discount of $0.3 million and $0.4 million as of December 31, 2025 and 2024, respectively.
(10)Net of unamortized original issuance discount of $0.4 million and $0.5 million as of December 31, 2025 and 2024, respectively.
(11)Net of unamortized original issuance discount of $0.8 million and $1.0 million as of December 31, 2025 and 2024, respectively.
(12)Net of unamortized original issuance discount of $1.7 million as of December 31, 2025.
(13)Net of unamortized original issuance discount of $3.7 million and $4.1 million as of December 31, 2025 and 2024, respectively.
(14)This loan was repaid as of December 31, 2025.
(15)The interest rate was 4.69% as of December 31, 2025.
(16)The interest rate was 4.59% as of December 31, 2025.
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, 2025:
Years Ending December 31,Amount
2026$6,682 
2027458,736 
2028723,928 
2029717,027 
2030404,662 
Thereafter1,259,119 
Less-unamortized debt issuance costs(15,976)
$3,554,178