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Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Notes and Loans Payable [Abstract]  
Schedule of Debt
The following table summarizes the Company's debt as of September 30, 2024 and December 31, 2023:
As of September 30, 2024As of December 31, 2023
Maturity DateRate TypeInterest RateAmountInterest RateAmount
Mortgages Payable
Fixed rate mortgages payableVariousFixed
3.97% (a)
$93,380 
4.01% (a)
$96,080 
Variable rate mortgages payable (b)N/AVariableN/A— 
1M SOFR + 1.65% (c)
72,468 
Total93,380 168,548 
Term Loan
$200.0 million 5 years
9/22/2026Fixed
2.81% (d)
100,000 
2.81% (d)
100,000 
$200.0 million 5 years
9/22/2026Fixed
2.81% (d)
100,000 
2.81% (d)
100,000 
$200.0 million 5.5 years
3/22/2027Fixed
2.78% (d)
50,000 
2.77% (d)
50,000 
$200.0 million 5.5 years
3/22/2027Fixed
2.84% (d)
50,000 
2.76% (d)
50,000 
$200.0 million 5.5 years
3/22/2027Fixed
4.99% (d)
100,000 
4.99% (d)
100,000 
Total400,000 400,000 
Senior Notes
$150.0 million Series A Notes
8/11/2029Fixed
5.07%
150,000 5.07%150,000 
$100.0 million Series B Notes
8/11/2032Fixed
5.20%
100,000 5.20%100,000 
Total250,000 250,000 
Revolving Line of Credit
$350.0 million total capacity
9/22/2025Variable
1M SOFR +
 1.14% (c)(e)
— 
1M SOFR +
 1.14% (c)(e)
— 
Total debt4.03%743,380 4.29%818,548 
Debt discounts and issuance costs, net(3,271)(3,980)
Debt, net$740,109 $814,568 
(a)Interest rates reflect the weighted average of the Company's mortgages payable.
(b)These mortgages payable were cross collateralized by three properties and were extinguished on September 27, 2024.
(c)As of September 30, 2024 and December 31, 2023, 1-Month Term SOFR was 4.85% and 5.35%, respectively.
(d)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.
(e)Interest rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire line of credit capacity.
Schedule of Maturities for Outstanding Mortgage Indebtedness
The following table summarizes the scheduled maturities of the Company's mortgages payable as of September 30, 2024:
Scheduled maturities by year:As of September 30, 2024
2024$— 
202535,880 
2026— 
202726,000 
2028— 
Thereafter31,500 
Total mortgage payable maturities$93,380