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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The Company had the following mortgages and notes payable outstanding as of September 30, 2024 and December 31, 2023:
| September 30, 2024 |  | December 31, 2023
Mortgages and notes payable | $ | 56,876 |  |  | $ | 60,888 |
Unamortized debt issuance costs | (629) |  |  | (764) |
Mortgage notes payable, net | $ | 56,247 |  |  | $ | 60,124 |
Debt Instrument Redemption | The Company had the following senior notes outstanding as of September 30, 2024 and December 31, 2023:
Issue Date |  | September 30, 2024 |  | December 31, 2023 |  | Interest Rate |  | Maturity Date |  | Issue Price
May 2014(1) |  | $ | — |  |  | $ | 198,932 |  |  | 4.400 | % |  | June 2024 |  | 99.883 | %
November 2023 |  | 300,000 |  |  | 300,000 |  |  | 6.750 | % |  | November 2028 |  | 99.423 | %
August 2020 |  | 400,000 |  |  | 400,000 |  |  | 2.700 | % |  | September 2030 |  | 99.233 | %
August 2021 |  | 400,000 |  |  | 400,000 |  |  | 2.375 | % |  | October 2031 |  | 99.758 | %
|  | 1,100,000 |  |  | 1,298,932 |  |  |  |  |  |  |
Unamortized debt discount |  | (3,919) |  |  | (4,489) |  |  |  |  |  |  |
Unamortized debt issuance costs |  | (7,228) |  |  | (8,298) |  |  |  |  |  |  |
Senior notes payable, net |  | $ | 1,088,853 |  |  | $ | 1,286,145 |  |  |  |  |  |  |
(1) The Company repaid the 4.40% Senior Notes due 2024 at maturity.
Schedule of Line of Credit Facilities | The maturity dates and interest rates as of September 30, 2024, are as follows:
| Maturity Date |  | Interest Rate
$600,000 Revolving Credit Facility(1) | July 2026 |  | SOFR + 0.85%
$300,000 Term Loan(2) | January 2027 |  | Term SOFR + 1.00%
(1) Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate includes a 0.10% adjustment. The interest rate spread ranges from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At September 30, 2024, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance. (2) The Term SOFR portion of the interest rate was swapped to obtain a current fixed-rate of 2.722% per annum, until January 31, 2025. In the third quarter of 2024, the Company entered into forward interest rate swap agreements designated as cash flow hedges to effectively fix the interest rate related to an aggregate amount of $250,000 notional amount of $300,000 of the term loan at an average interest rate of 4.31% from January 31, 2025 to January 31, 2027. The aggregate unamortized debt issuance costs for the term loan was $2,449 and $3,236 as of September 30, 2024 and December 31, 2023, respectively.

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- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. + References No definition available. + Details
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