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Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Outstanding | The following table summarizes the components of the Company’s indebtedness as of March 31, 2025 and December 31, 2024 (dollars in thousands):
|  | March 31, 2025 |  | December 31, 2024 |  | Margin Above SOFR |  | Interest Rate 1 |  | Contractual Maturity Date
Unsecured Debt: |  |  |  |  |  |  |  |  |  |
Credit Facility |  | $ | — |  |  | $ | 82,000 |  |  | 1.1% 2 |  | — | % |  | 1/15/2029
5-Year Term Loan |  | 100,000 |  |  | 100,000 |  |  | 1.3% 2 |  | 5.6 | % |  | 1/15/2027
5-Year Term Loan |  | 100,000 |  |  | 100,000 |  |  | 1.3% 2 |  | 5.6 | % |  | 1/15/2028
$50M 10-Year Unsecured 3 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 4.0 | % |  | 7/7/2026
$50M 12-Year Unsecured 3 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 4.7 | % |  | 10/31/2027
$100M 7-Year Unsecured 3 |  | 100,000 |  |  | 100,000 |  |  | n/a |  | 2.4 | % |  | 7/15/2028
$100M 10-Year Unsecured 3 |  | 100,000 |  |  | 100,000 |  |  | n/a |  | 3.1 | % |  | 12/3/2029
$125M 9-Year Unsecured 3 |  | 125,000 |  |  | 125,000 |  |  | n/a |  | 2.4 | % |  | 8/17/2030
$50M 10-Year Unsecured 3 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 2.8 | % |  | 7/15/2031
Total Unsecured Debt |  | 675,000 |  |  | 757,000 |  |  |  |  |  |  |
Secured Debt: |  |  |  |  |  |  |  |  |  |
280 Richards Street |  | 72,879 |  |  | 72,879 |  |  | n/a |  | 3.9 | % |  | 3/1/2028
Total Secured Debt |  | 72,879 |  |  | 72,879 |  |  |  |  |  |  |
Total Unsecured and Secured Debt |  | 747,879 |  |  | 829,879 |  |  |  |  |  |  |
Less: Unamortized fair value adjustment and debt issuance costs |  | (5,967) |  |  | (6,442) |  |  |  |  |  |  |
Total |  | $ | 741,912 |  |  | $ | 823,437 |  |  |  |  |  |  |
1 Reflects the contractual interest rate under the terms of each loan as of March 31, 2025. Excludes the effects of unamortized debt issuance costs. 2 The interest rates on these loans are the Secured Overnight Financing Rate (“SOFR”) plus a SOFR margin. The SOFR margins will range from 1.10% to 1.55% (1.10% as of March 31, 2025) for the revolving credit facility and 1.25% to 1.75% (1.25% as of March 31, 2025) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment. 3 Collectively, the “Senior Unsecured Notes”.
Schedule of Principal Payments | The scheduled principal payments of the Company’s debt as of March 31, 2025 were as follows (dollars in thousands):
| Credit Facility |  | Term Loan |  | Senior Unsecured Notes |  | Mortgage Loan Payable |  | Total Debt
2025 (9 months) | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
2026 | — |  | — |  | 50,000 |  | — |  | 50,000
2027 | — |  | 100,000 |  | 50,000 |  | — |  | 150,000
2028 | — |  | 100,000 |  | 100,000 |  | 72,879 |  | 272,879
2029 | — |  | — |  | 100,000 |  | — |  | 100,000
Thereafter | — |  | — |  | 175,000 |  | — |  | 175,000
Subtotal | — |  | 200,000 |  | 475,000 |  | 72,879 |  | 747,879
Unamortized fair value adjustment | — |  | — |  | — |  | (3,306) |  | (3,306)
Total Debt | — |  | 200,000 |  | 475,000 |  | 69,573 |  | 744,573
Deferred financing costs, net | — |  | (561) |  | (1,930) |  | (170) |  | (2,661)
Total Debt, net | $ | — |  | $ | 199,439 |  | $ | 473,070 |  | $ | 69,403 |  | $ | 741,912
Weighted average interest rate | n/a |  | 5.6% |  | 3.0% |  | 3.9% |  | 3.8%

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- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Subparagraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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