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Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Obligations Outstanding | The Company had the following debt obligations outstanding as of June 30, 2025 and December 31, 2024:
| June 30, 2025 |  | December 31, 2024 |  | Interest Rate |  | Maturity Date |
SECURED DEBT: |  |  |  |  |  |  |  |
Mortgages: |  |  |  |  |  |  |  |
Goodyear, AZ | $ | 39,018 |  |  | $ | 39,418 |  |  | 4.290 | % | (1) | August 2031 |
Long Island City, NY | 13,737 |  |  | 16,097 |  |  | 3.500 | % | (1) | March 2028 |
Principal balance outstanding | 52,755 |  |  | 55,515 |  |  |  |  |  |
Unamortized debt issuance costs | (495) |  |  | (585) |  |  |  |  |  |
Total Mortgages and notes payable, net | $ | 52,260 |  |  | $ | 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 |
2020 Senior Notes | 400,000 |  |  | 400,000 |  |  | 2.700 | % |  | September 2030 |
2021 Senior Notes | 400,000 |  |  | 400,000 |  |  | 2.375 | % |  | October 2031 |
Trust Preferred Securities | 100,995 |  |  | 129,120 |  |  | Three Month SOFR + 1.96% | (4)(5) | April 2037 |
Principal balance outstanding | $ | 1,450,995 |  |  | $ | 1,529,120 |  |  |  |  |  |
Unamortized debt discount | (3,358) |  |  | (3,731) |  |  |  |  |  |
Unamortized debt issuance costs | (8,537) |  |  | (10,309) |  |  |  |  |  |
Total unsecured debt, net | $ | 1,439,100 |  |  | $ | 1,515,080 |  |  |  |  |  |
Total debt obligations | $ | 1,491,360 |  |  | $ | 1,570,010 |  |  |  |  |  |
(1) The weighted-average interest rate at June 30, 2025 and December 31, 2024 was approximately 4.1%. (2) Spread includes a 0.10% daily SOFR adjustment. (3) During the quarter ended March 31, 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 1.70% through maturity. $82,500 is swapped at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of June 30, 2025, the weighted average interest rate of the Trust Preferred Securities was 5.39%, which includes the effect of the interest rate swaps. (5) During the quarter ended June 30, 2025, the Company repurchased $28,125 of the Trust Preferred Securities for a cash payment of $26,940, including accrued interest of $215, which resulted in a gain on debt satisfaction, net of $1,143, including a write off of $257 in deferred financing costs. The Trust Preferred Securities, which are classified as debt are redeemable by the Company.

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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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