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Debt (Tables)

3 Months Ended

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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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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- Definition

Tabular disclosure of the terms and amounts of participation in loan arrangements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 470
-SubTopic 30
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481212/470-30-50-1

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