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v3.25.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt The Company had the following debt obligations outstanding as of March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024 |  | Interest Rate |  | Maturity Date |
SECURED DEBT: |  |  |  |  |  |  |  |
Mortgages: |  |  |  |  |  |  |  |
Goodyear, AZ | $ | 39,219 |  |  | $ | 39,418 |  |  | 4.290% | (1) | August 2031 |
Long Island City, NY | 14,922 |  |  | 16,097 |  |  | 3.500% | (1) | March 2028 |
Principal balance outstanding | 54,141 |  |  | 55,515 |  |  |  |  |  |
Unamortized debt issuance costs | (539) |  |  | (585) |  |  |  |  |  |
Total Mortgages and notes payable, net | $ | 53,602 |  |  | $ | 54,930 |  |  |  |  |  |
UNSECURED DEBT: |  |  |  |  |  |  |  |
Term Loan | $ | 250,000 |  |  | $ | 300,000 |  |  | SOFR + 1.10% | (2)(3) | January 2027 |
2023 Senior Notes | 300,000 |  |  | 300,000 |  |  | 6.750 | % |  | November 2028 |
2021 Senior Notes | 400,000 |  |  | 400,000 |  |  | 2.375 | % |  | October 2031 |
2020 Senior Notes | 400,000 |  |  | 400,000 |  |  | 2.700 | % |  | September 2030 |
Trust Preferred Securities | 129,120 |  |  | 129,120 |  |  | Three Month SOFR + 1.96% | (4) | April 2037 |
Principal balance outstanding | $ | 1,479,120 |  |  | $ | 1,529,120 |  |  |  |  |  |
Unamortized debt discount | (3,545) |  |  | (3,731) |  |  |  |  |  |
Unamortized debt issuance costs | (9,368) |  |  | (10,309) |  |  |  |  |  |
Total unsecured debt, net | $ | 1,466,207 |  |  | $ | 1,515,080 |  |  |  |  |  |
Total Debt Obligations | $ | 1,519,809 |  |  | $ | 1,570,010 |  |  |  |  |  |
(1) The weighted-average interest rate at March 31, 2025 and December 31, 2024 was approximately 4.1%. (2) Spread includes a 10 basis point daily SOFR adjustment. (3) During the first quarter of 2025, the Company repaid $50,000 of the Term Loan resulting in a loss on debt satisfaction of $350. The SOFR portion of the interest rate was swapped to 4.31% per annum until January 31, 2027. (4) Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 170 basis points through maturity. $82,500 is swapped at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of March 31, 2025, the weighted average interest rate of the Trust Preferred Securities was 5.58%, which includes the effect of the interest rate swaps. The Company capitalized $99 and $1,853 of interest expense for the three months ended March 31, 2025 and 2024, respectively. The Company has an unsecured credit agreement with KeyBank National Association, as agent for a revolving credit facility of up to $600,000, subject to covenant compliance. The revolving credit facility matures in July 2026 and can be extended to July 2027, subject to certain conditions. The interest rate ranges from SOFR (plus a 0.10% index adjustment) plus and interest rate spread ranging from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. The Company had no borrowings under the $600,000 revolving credit facility as of March 31, 2025 and December 31, 2024.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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