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Debt
 3 Months Ended
Mar. 31, 2025
Notes and Loans Payable [Abstract]  
Debt Debt
The Company's debt consists of mortgages payable, unsecured term loans, senior notes, and an unsecured revolving line of credit. The Company believes it has the ability to repay, refinance, or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs. It is anticipated that the Company will use proceeds from property sales, cash on hand, and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term.
The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions, and distribution limitations. As of March 31, 2025 and December 31, 2024, the Company was in compliance with all loan covenants.
Credit Agreements
The Company has a $500.0 million revolving credit facility (the "Revolving Credit Facility"). The Revolving Credit Facility is scheduled to mature on January 15, 2029, with one 6-month extension option. As of March 31, 2025, the Company had available liquidity of $500.0 million under the Revolving Credit Facility.
The Company has a $400.0 million term loan (the "Term Loan"), which consists of a $200.0 million 5-year tranche maturing on September 22, 2026, and a $200.0 million 5.5-year tranche maturing on March 22, 2027.
Interest Rate Swaps
As of March 31, 2025, the Company is party to five effective interest rate swap agreements which achieve fixed interest rates through the maturity dates of the Term Loan.
Senior Notes
The Company issued $250.0 million aggregate principal amount of senior notes in a private placement, of which (i) $150.0 million are designated as 5.07% Senior Notes, Series A, due August 11, 2029 (the "Series A Notes") and (ii) $100.0 million are designated as 5.20% Senior Notes, Series B, due August 11, 2032 (the "Series B Notes" and, together with the Series A Notes, the "Notes"). The Notes were issued at par and pay interest semiannually on February 11th and August 11th until their respective maturities. The Notes will be required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain material credit facilities of the Company. Currently, there are no subsidiary guarantees of the Notes.
The following table summarizes the Company's debt as of March 31, 2025 and December 31, 2024:
As of March 31, 2025As of December 31, 2024
MaturityRate TypeInterest RateAmountInterest RateAmount
Mortgages Payable
Fixed rate mortgages payableVariousFixed
3.97% (a)
$93,380 
3.97% (a)
$93,380 
Total93,380 93,380 
Term Loan
$200.0 million 5 year
Sep-26Fixed
2.81% (b)
100,000 
2.81% (b)
100,000 
$200.0 million 5 year
Sep-26Fixed
2.81% (b)
100,000 
2.81% (b)
100,000 
$200.0 million 5.5 year
Mar-27Fixed
2.78% (b)
50,000 
2.78% (b)
50,000 
$200.0 million 5.5 year
Mar-27Fixed
2.84% (b)
50,000 
2.84% (b)
50,000 
$200.0 million 5.5 year
Mar-27Fixed
4.99% (b)
100,000 
4.99% (b)
100,000 
Total400,000 400,000 
Senior Notes
$150.0 million Series A Notes
Aug-29Fixed
5.07%
150,000 5.07%150,000 
$100.0 million Series B Notes
Aug-32Fixed
5.20%
100,000 5.20%100,000 
Total250,000 250,000 
Revolving Line of Credit
$500.0 million total capacity
Jan-29Variable
1M SOFR +
 1.15% (c)(d)
— 
1M SOFR +
1.15% (c)(d)
— 
Total debt4.03%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.

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— 
202726,000 
2028— 
202931,500 
Thereafter— 
Total$93,380