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Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt The Company had the following debt obligations outstanding as of September 30, 2025 and December 31, 2024:
| September 30, 2025 |  | December 31, 2024 |  | Interest Rate |  | Maturity Date |
SECURED DEBT: |  |  |  |  |  |  |  |
Mortgages: |  |  |  |  |  |  |  |
Goodyear, AZ | $ | 38,815 |  |  | $ | 39,418 |  |  | 4.290 | % | (1) | August 2031 |
Long Island City, NY | 12,541 |  |  | 16,097 |  |  | 3.500 | % | (1) | March 2028 |
Principal balance outstanding | 51,356 |  |  | 55,515 |  |  |  |  |  |
Unamortized debt issuance costs | (449) |  |  | (585) |  |  |  |  |  |
Total mortgages and notes payable, net | $ | 50,907 |  |  | $ | 54,930 |  |  |  |  |  |
UNSECURED DEBT: |  |  |  |  |  |  |  |
Term Loan | $ | 250,000 |  |  | $ | 300,000 |  |  | SOFR + 1.10% | (2)(3) | January 2027 |
Senior Notes due 2028 | 300,000 |  |  | 300,000 |  |  | 6.750 | % |  | November 2028 |
Senior Notes due 2030 | 400,000 |  |  | 400,000 |  |  | 2.700 | % |  | September 2030 |
Senior Notes due 2031 | 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 | (3,171) |  |  | (3,731) |  |  |  |  |  |
Unamortized debt issuance costs | (7,966) |  |  | (10,309) |  |  |  |  |  |
Total unsecured debt, net | $ | 1,439,858 |  |  | $ | 1,515,080 |  |  |  |  |  |
Total debt obligations | $ | 1,490,765 |  |  | $ | 1,570,010 |  |  |  |  |  |
(1) The weighted-average interest rate at September 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 for a fixed interest rate of 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 September 30, 2025, the weighted-average interest rate of the Trust Preferred Securities was 5.40%, 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. The Company capitalized $219 and $3,290 of interest expense for the nine months ended September 30, 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 an 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 September 30, 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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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