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Debt (Tables)

12 Months Ended

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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