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NOTES PAYABLE (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Unsecured Notes and Term Loans Outstanding | Our unsecured notes and term loans outstanding as of December 31, 2024 and 2023 are as follows (in thousands):
|  |  | Effective |  | December 31, |  | Payoff Date/
| Coupon/Stated Rate |  | Rate (1) |  | 2024 |  | 2023 |  | Maturity Date (2)
2023 Term Loan | 1 Month SOFR + 95 basis points |  | 4.73 | % |  | $ | 125,000 |  |  | $ | 125,000 |  |  | 1/10/2026
30-Year Unsecured Notes | 7.25 | % |  | 7.36 | % |  | 50,000 |  |  | 50,000 |  |  | 2/25/2028
Green Bonds | 3.44 | % |  | 4.09 | % |  | 350,000 |  |  | 350,000 |  |  | 12/29/2030
Total principal |  |  |  |  | 525,000 |  |  | 525,000 |  |  |
Premiums and discounts, net |  |  |  | (71) |  |  | (94) |  |  |
Deferred issuance costs, net |  |  |  | (1,976) |  |  | (2,561) |  |  |
Total |  |  |  | $ | 522,953 |  |  | $ | 522,345 |  |  |
______________________________ (1) For fixed rate notes, the effective rate represents the yield on issuance date, including the effects of discounts on the notes. For variable rate notes, the effective rate represents the rate as fixed by interest rate derivatives (see note 8). (2) No principal amounts are due prior to maturity. In the fourth quarter of 2024, we exercised one of two one-year extension options on the 2023 Term Loan to extend the maturity of the loan to January 10, 2026.
Schedule of Required Principal Payments on Unsecured Notes and Term Loans | The required principal payments on the unsecured notes and term loans as of December 31, 2024 are as follows (in thousands):
2025 | $ | — |
2026 | 125,000 |
2027 | — |
2028 | 50,000 |
2029 | — |
Thereafter | 350,000 |
| $ | 525,000 |

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