Debt (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Debt Instrument [Line Items] |
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| Schedule of maturities of long-term debt |
The following table summarizes principal maturities of outstanding debt, including mortgage loans, the revolving credit facility and the term loans, as of December 31, 2025: | | | | Year ending December 31, | | Amount | | | (In thousands) | 2026 | | $ | 170,820 | 2027 | | | 676,303 | 2028 | | | 610,147 | 2029 | | | 278,987 | 2030 | | | 810,332 | Total | | $ | 2,546,589 |
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| Mortgages |
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| Debt Instrument [Line Items] |
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| Summary of debt |
| | | | | | | | | | | Weighted Average | | | | | | | | | Effective | | December 31, | | | Interest Rate (1) | | 2025 | | 2024 | | | | | | (In thousands) | Variable rate (2) | | 5.19% | | $ | 600,899 | | $ | 587,254 | Fixed rate (3) | | 5.17% | | | 1,020,690 | | | 1,196,479 | Mortgage loans | | | | | 1,621,589 | | | 1,783,733 | Unamortized deferred financing costs and premium / discount, net (4) | | | | | (42,431) | | | (16,560) | Mortgage loans, net | | | | $ | 1,579,158 | | $ | 1,767,173 |
| (1) | Weighted average effective interest rate as of December 31, 2025. |
| (2) | Includes variable rate mortgage loans with interest rate cap agreements. For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.18%, and the weighted average maturity date of the interest rate caps is the fourth quarter of 2026. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of December 31, 2025, one-month term Secured Overnight Financing Rate ("SOFR") was 3.69%. |
| (3) | Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements. |
| (4) | As of December 31, 2025, includes a discount of $29.6 million related to the mortgage loan assumed in connection with the acquisition of 1101 17th Street. See Note 3 for additional information. |
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| Line of credit |
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| Debt Instrument [Line Items] |
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| Summary of debt |
| | | | | | | | | | | Effective | | December 31, | | | Interest Rate (1) | | 2025 | | 2024 | | | | | | (In thousands) | Revolving credit facility (2) (3) | | 5.46% | | $ | 205,000 | | $ | 85,000 | | | | | | | | | | Tranche A-1 Term Loan (4) | | 5.44% | | $ | 200,000 | | $ | 200,000 | Tranche A-2 Term Loan (5) | | 4.30% | | | 400,000 | | | 400,000 | 2023 Term Loan (6) | | 5.51% | | | 120,000 | | | 120,000 | Term loans | | | | | 720,000 | | | 720,000 | Unamortized deferred financing costs, net | | | | | (1,592) | | | (2,147) | Term loans, net | | | | $ | 718,408 | | $ | 717,853 |
| (1) | Effective interest rate as of December 31, 2025. The interest rate for the revolving credit facility excludes a 0.20% facility fee. |
| (2) | As of December 31, 2025, daily SOFR was 3.87%. As of December 31, 2025 and 2024, letters of credit with an aggregate face amount of $4.8 million and $15.2 million were outstanding under our revolving credit facility. |
| (3) | As of December 31, 2025 and 2024, excludes $4.4 million and $7.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our consolidated balance sheets. |
| (4) | The interest rate swaps fix SOFR at a weighted average interest rate of 4.00% through the extended maturity date of January 2027. |
| (5) | The interest rate swaps fix SOFR at a weighted average interest rate of 2.81% through the maturity date. |
| (6) | The interest rate swap fixes SOFR at an interest rate of 4.01% through the maturity date. |
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