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NOTES PAYABLE (Tables)

12 Months Ended

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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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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