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Debt, Net (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Our debt consisted of the following (dollars in thousands):

						Carrying Value (1) as of December 31,												December 31, 2024
															2024															2023						Stated Interest Rates						Scheduled Maturity
Mortgage and Other Secured Debt:
Fixed-rate mortgage debt						$	37,130					$	66,314					3.82%						June 2026
Variable-rate secured debt						32,471						32,894						SOFR + 0.10% + 1.45% to 1.55% (2)						2025-2026 (3)
Total mortgage and other secured debt						69,601						99,208
Revolving Credit Facility (4)						75,000						75,000						SOFR + 0.10% + 0.725% to 1.400% (5)						October 2026 (4)
Term Loan Facility (4)						124,633						124,291						SOFR + 0.10% + 0.850% to 1.700% (6)						January 2026 (4)
Unsecured Senior Notes: (4)
2.25%, $400,000 aggregate principal						398,699						397,608						2.25% (7)						March 2026
5.25%, $345,000 aggregate principal						337,588						335,802						5.25% (8)						September 2028
2.00%, $400,000 aggregate principal						397,961						397,471						2.00% (9)						January 2029
2.75%, $600,000 aggregate principal						592,330						591,212						2.75% (10)						April 2031
2.90%, $400,000 aggregate principal						395,692						395,265						2.90% (11)						December 2033
Unsecured note payable						251						430						0% (12)						May 2026
Total debt, net						$	2,391,755					$	2,416,287

(1)The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $4.0 million as of December 31, 2024 and $5.3 million as of December 31, 2023.

(2)Including the effect of interest rate swaps that hedge the risk of interest rate changes, the weighted average interest rate on our variable-rate secured debt as of December 31, 2024 was 2.44%; excluding the effect of these swaps, the weighted average interest rate on this debt as of December 31, 2024 was 6.16%.

(3)Most of this debt matures in 2025, with the ability for us to extend such maturity by two 12-month periods at our option, provided that there is no default on the debt and we pay an extension fee of 0.10% of the debt balance for each extension period.

(4)Refer to the paragraphs below for further disclosure.

(5)The weighted average interest rate on the Revolving Credit Facility was 5.70% as of December 31, 2024, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).

(6)The interest rate on this loan was 5.95% as of December 31, 2024, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).

(7)The carrying value of these notes reflects unamortized discounts and commissions totaling $1.1 million as of December 31, 2024 and $1.9 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 2.48%.

(8)The carrying value of these notes reflects unamortized commissions totaling $6.6 million as of December 31, 2024 and $8.1 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 5.83%.

(9)The carrying value of these notes reflects unamortized discounts and commissions totaling $1.5 million as of December 31, 2024 and $1.8 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 2.09%.

(10)The carrying value of these notes reflects unamortized discounts and commissions totaling $6.7 million as of December 31, 2024 and $7.6 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 2.94%.

(11)The carrying value of these notes reflects unamortized discounts and commissions totaling $3.5 million as of December 31, 2024 and $3.9 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 3.01%.

(12)This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates.  The carrying value of this note reflects an unamortized discount totaling $10,000 as of December 31, 2024 and $32,000 as of December 31, 2023.

Schedule of Debt Maturities

Our debt matures on the following schedule (in thousands):

Year Ending December 31,						December 31, 2024
2025						$	23,717
2026						646,300
2027						—
2028						345,000
2029						400,000
Thereafter						1,000,000
Total						$	2,415,017		(1)

(1)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $23.3 million.

Schedule of the Fair Value of Debt

The following table sets forth information pertaining to the fair value of our debt (in thousands):

			December 31, 2024												December 31, 2023
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Fixed-rate debt
Unsecured Senior Notes			$	2,122,270					$	1,946,905					$	2,117,358					$	1,876,611
Other fixed-rate debt			37,381						35,841						66,744						63,692
Variable-rate debt			232,104						232,768						232,185						232,270
			$	2,391,755					$	2,215,514					$	2,416,287					$	2,172,573

Schedule of Interest Expense

the table below sets forth interest expense recognized on the notes (in thousands):

			For the Years Ended December 31,
			2024						2023
Interest expense at stated interest rate			$	18,113					$	5,484
Interest expense associated with amortization of debt discount and issuance costs			1,560						500
Total			$	19,673					$	5,984

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