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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Summary of Debt | The following table summarizes the Company's debt as of December 31, 2023 and 2022:
|  |  | Interest Rate Type |  | As of December 31, 2023 |  | As of December 31, 2022
| Maturity Date |  |  | Interest Rate |  | Amount |  | Interest Rate |  | Amount
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgages payable | Various |  | Fixed |  | 4.01% (a) |  | $ | 96,080 |  |  | 3.95% (a) |  | $ | 109,812 |
Variable rate mortgages payable | 11/2/2024 |  | Variable |  | 1M SOFR +1.65% (b) |  | 72,468 |  |  | — |  | — |
Total |  |  |  |  |  |  | 168,548 |  |  |  |  | 109,812 |
Term Loans |  |  |  |  |  |  |  |  |  |  |
$200.0 million 5 years | 9/22/2026 |  | Fixed |  | 2.81% (c) |  | 100,000 |  |  | 2.71% (c) |  | 100,000 |
$200.0 million 5 years | 9/22/2026 |  | Fixed |  | 2.81% (c) |  | 100,000 |  |  | 2.72% (c) |  | 100,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 2.77% (c) |  | 50,000 |  |  | 2.77% (c) |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 2.76% (c) |  | 50,000 |  |  | 2.76% (c) |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 4.99% (d) |  | 100,000 |  |  | 1M SOFR + 1.30% (b) |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |  |  |  |  | 400,000 |
Senior Notes |  |  |  |  |  |  |  |  |  |  |
$150.0 million Series A Notes | 8/11/2029 |  | Fixed |  | 5.07% |  | 150,000 |  |  | 5.07% |  | 150,000 |
$100.0 million Series B Notes | 8/11/2032 |  | Fixed |  | 5.20% |  | 100,000 |  |  | 5.20% |  | 100,000 |
Total |  |  |  |  |  |  | 250,000 |  |  |  |  | 250,000 |
Revolving Line of Credit |  |  |  |  |  |  |  |  |  |  |
$350.0 million total capacity | 9/22/2025 |  | Variable |  | 1M SOFR + 1.14% (b)(e) |  | — |  |  | 1M SOFR + 1.14% (b)(e) |  | — |
Total debt |  |  |  |  | 4.29% |  | 818,548 |  |  | 4.08% |  | 759,812 |
Debt discounts and issuance costs, net |  | (3,980) |  |  |  |  | (5,261) |
Debt, net |  |  |  |  |  |  | $ | 814,568 |  |  |  |  | $ | 754,551 |
(a)Interest rates reflect the weighted average of the Company's mortgages payable. (b)As of December 31, 2023 and 2022, 1-Month Term SOFR was 5.35% and 4.36%, respectively. (c)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (d)As of April 3, 2023, the variable portion was swapped to 3.69%, achieving a fixed rate of 4.99% through the maturity date. (e)Interest rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire line of credit capacity.
Summary of Maturities for Outstanding Mortgage Indebtedness | The following table summarizes the scheduled maturities of the Company's mortgages payable as of December 31, 2023:
Scheduled maturities by year: | As of December 31, 2023
2024 | $ | 88,168 |
2025 | 22,880 |
2026 | — |
2027 | 26,000 |
2028 | — |
Thereafter | 31,500 |
Total | $ | 168,548 |
Summary of Interest Rate Swaps | The following table summarizes the Company's five effective and two forward interest rate swaps as of December 31, 2023:
Interest Rate Swaps |  | Notional Amount |  | Company Receives Variable Rate of |  | Company Pays Fixed Rate of |  | Fixed Rate Achieved |  | Effective Date |  | Maturity Date
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month SOFR |  | 1.47% |  | 2.77% |  | Dec 2, 2019 |  | Jun 21, 2024
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month SOFR |  | 1.46% |  | 2.76% |  | Dec 2, 2019 |  | Jun 21, 2024
5.5 Year Term Loan |  | 100,000 |  |  | 1-Month SOFR |  | 3.69% |  | 4.99% |  | Apr 3, 2023 |  | Mar 22, 2027
5 Year Term Loan |  | 100,000 |  |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | Dec 21, 2023 |  | Sep 22, 2026
5 Year Term Loan |  | 100,000 |  |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | Dec 21, 2023 |  | Sep 22, 2026
|  | $ | 400,000 |  |  |  |  |  |  |  |  |  |  |
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month SOFR |  | 1.48% |  | 2.78% |  | Jun 21, 2024 |  | Mar 22, 2027
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month SOFR |  | 1.54% |  | 2.84% |  | Jun 21, 2024 |  | Mar 22, 2027
|  | $ | 100,000 |  |  |  |  |  |  |  |  |  |  |
The following table summarizes the Company's four effective and four forward interest rate swaps as of December 31, 2022:
Interest Rate Swaps |  | Notional Amount |  | Company Receives Variable Rate of |  | Company Pays Fixed Rate of |  | Fixed Rate Achieved |  | Effective Date |  | Maturity Date
5 Year Term Loan |  | $ | 100,000 |  |  | 1-Month SOFR |  | 1.41% |  | 2.71% |  | Dec 2, 2019 |  | Dec 21, 2023
5 Year Term Loan |  | 100,000 |  |  | 1-Month SOFR |  | 1.42% |  | 2.72% |  | Dec 2, 2019 |  | Dec 21, 2023
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month SOFR |  | 1.47% |  | 2.77% |  | Dec 2, 2019 |  | Jun 21, 2024
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month SOFR |  | 1.46% |  | 2.76% |  | Dec 2, 2019 |  | Jun 21, 2024
|  | $ | 300,000 |  |  |  |  |  |  |  |  |  |  |
5 Year Term Loan |  | 100,000 |  |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | Dec 21, 2023 |  | Sep 22, 2026
5 Year Term Loan |  | 100,000 |  |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | Dec 21, 2023 |  | Sep 22, 2026
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month SOFR |  | 1.48% |  | 2.78% |  | Jun 21, 2024 |  | Mar 22, 2027
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month SOFR |  | 1.54% |  | 2.84% |  | Jun 21, 2024 |  | Mar 22, 2027
|  | $ | 300,000 |  |  |  |  |  |  |  |  |  |  |
Summary of Effect of Derivative Financial Instruments Included in AOCI | The following table summarizes the effects of derivative financial instruments on the consolidated financial statements:
Location and amount of gain recognized in accumulated comprehensive income |  | Location and amount of gain (loss) reclassified from accumulated comprehensive income into net income (loss) |  | Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded
| 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021
Unrealized gain on derivatives | $ | 6,228 |  |  | $ | 32,052 |  |  | $ | 3,795 |  |  | Interest expense, net | $ | 14,875 |  |  | $ | 1,009 |  |  | $ | (4,332) |  |  | Interest expense, net | $ | 38,138 |  |  | $ | 26,777 |  |  | $ | 16,261 |
Summary of Location of Derivative Financial Instruments on Consolidated Financial Statements | The following table summarizes the effects of derivative financial instruments on the consolidated financial statements:
Location and amount of gain recognized in accumulated comprehensive income |  | Location and amount of gain (loss) reclassified from accumulated comprehensive income into net income (loss) |  | Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded
| 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021
Unrealized gain on derivatives | $ | 6,228 |  |  | $ | 32,052 |  |  | $ | 3,795 |  |  | Interest expense, net | $ | 14,875 |  |  | $ | 1,009 |  |  | $ | (4,332) |  |  | Interest expense, net | $ | 38,138 |  |  | $ | 26,777 |  |  | $ | 16,261 |

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