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v3.25.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Notes and Loans Payable [Abstract] |
Schedule of Debt | The following table summarizes the Company's debt as of March 31, 2025 and December 31, 2024:
|  |  |  |  | As of March 31, 2025 |  | As of December 31, 2024
| Maturity |  | Rate Type |  | Interest Rate |  | Amount |  | Interest Rate |  | Amount
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgages payable | Various |  | Fixed |  | 3.97% (a) |  | $ | 93,380 |  |  | 3.97% (a) |  | $ | 93,380 |
Total |  |  |  |  |  |  | 93,380 |  |  |  |  | 93,380 |
Term Loan |  |  |  |  |  |  |  |  |  |  |
$200.0 million 5 year | Sep-26 |  | Fixed |  | 2.81% (b) |  | 100,000 |  |  | 2.81% (b) |  | 100,000 |
$200.0 million 5 year | Sep-26 |  | Fixed |  | 2.81% (b) |  | 100,000 |  |  | 2.81% (b) |  | 100,000 |
$200.0 million 5.5 year | Mar-27 |  | Fixed |  | 2.78% (b) |  | 50,000 |  |  | 2.78% (b) |  | 50,000 |
$200.0 million 5.5 year | Mar-27 |  | Fixed |  | 2.84% (b) |  | 50,000 |  |  | 2.84% (b) |  | 50,000 |
$200.0 million 5.5 year | Mar-27 |  | Fixed |  | 4.99% (b) |  | 100,000 |  |  | 4.99% (b) |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |  |  |  |  | 400,000 |
Senior Notes |  |  |  |  |  |  |  |  |  |  |
$150.0 million Series A Notes | Aug-29 |  | Fixed |  | 5.07% |  | 150,000 |  |  | 5.07% |  | 150,000 |
$100.0 million Series B Notes | Aug-32 |  | Fixed |  | 5.20% |  | 100,000 |  |  | 5.20% |  | 100,000 |
Total |  |  |  |  |  |  | 250,000 |  |  |  |  | 250,000 |
Revolving Line of Credit |  |  |  |  |  |  |  |  |  |  |
$500.0 million total capacity | Jan-29 |  | Variable |  | 1M SOFR + 1.15% (c)(d) |  | — |  |  | 1M SOFR + 1.15% (c)(d) |  | — |
Total debt |  |  |  |  | 4.03% |  | 743,380 |  |  | 4.03% |  | 743,380 |
Debt discounts and financing costs, net |  | (2,635) |  |  |  |  | (2,965) |
Debt, net |  |  |  |  |  |  | $ | 740,745 |  |  |  |  | $ | 740,415 |
(a)Interest rates reflect the weighted average of the Company's mortgages payable. (b)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (c)As of March 31, 2025 and December 31, 2024, 1-Month Term SOFR was 4.32% and 4.33%, respectively. (d)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 March 31, 2025:
Scheduled maturities by year: | Principal Balance
Remaining 2025 | $ | 35,880 |
2026 | — |
2027 | 26,000 |
2028 | — |
2029 | 31,500 |
Thereafter | — |
Total | $ | 93,380 |

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