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Bank and Other Notes Payable
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Bank and Other Notes Payable Bank and Other Notes Payable:
Bank and other notes payable at December 31, 2024 and 2023 consist of the following:
Credit Facility:
Previously, the Company had a $525,000 revolving loan facility, which was scheduled to mature on April 14, 2024. On September 11, 2023, the Company and the Operating Partnership entered into an amended and restated credit agreement, which amended and restated their prior credit agreement, and provides for an aggregate $650,000 revolving loan facility that matures on February 1, 2027, with a one-year extension option. The revolving loan facility can be expanded up to $950,000, subject to receipt of lender commitments and other conditions. Concurrently with the entry into the amended and restated credit agreement, the Company drew $152,000 of the amount available under the revolving loan facility and used the proceeds to repay in full amounts outstanding under its prior credit facility. All obligations under the credit facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The new credit facility bears interest, at the Operating Partnership’s option, at either the base rate (as defined in the credit agreement) or adjusted term SOFR (as defined in the credit agreement) plus, in both cases, an applicable margin. The applicable margin depends on the Company’s overall leverage ratio and ranges from 1.00% to 2.50% over the selected index rate. Adjusted term SOFR is Term SOFR (as defined in the credit agreement) plus 0.10% per annum. As of December 31, 2024 and 2023, the borrowing rate was SOFR plus a spread of 2.35%. As of December 31, 2024 and 2023, borrowings under the revolving loan facility were $110,000 and $105,000, respectively, less unamortized deferred finance costs of $11,677 and $15,452, respectively, at a total interest rate of 7.59% and 8.57%, respectively. As of December 31, 2024, the Company's availability under the revolving loan facility for additional borrowings was $539,777. The estimated fair value (Level 2 measurement) of borrowings under the credit facility at December 31, 2024 was $110,963 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt.
As of December 31, 2024 and 2023, the Company was in compliance with all applicable financial loan covenants.