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Notes Payable, Bank Credit Facility, Interest Expense and Amortization of Deferred Debt Costs (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Maturities of Long-term Debt | As of December 31, 2024, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows:
(In thousands) | Balloon Payments |  | Scheduled Principal Amortization |  | Total
2025 | $ | 187,000 |  | (1) | $ | 35,646 |  |  | $ | 222,646 |
2026 | 134,088 |  |  | 34,010 |  |  | 168,098 |
2027 | 100,000 |  | (2) | 33,436 |  |  | 133,436 |
2028 | 17,811 |  |  | 34,188 |  |  | 51,999 |
2029 | 25,514 |  |  | 34,748 |  |  | 60,262 |
Thereafter | 632,489 |  |  | 283,758 |  |  | 916,247 |
Principal amount | $ | 1,096,902 |  |  | $ | 455,786 |  |  | 1,552,688 |
Unamortized deferred debt costs |  |  |  |  | 20,072 |
Net |  |  |  |  | $ | 1,532,616 |
(1)Includes $187.0 million outstanding under the revolving credit facility of the Credit Facility. The revolving credit facility may be extended by the Company for one additional year, subject to satisfaction of certain conditions. (2)Includes $100.0 million outstanding under the term loan of the Credit Facility.
Schedule of Interest Costs Incurred | The components of interest expense are set forth below.
| Year ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Interest incurred | $ | 74,359 |  |  | $ | 66,717 |  |  | $ | 53,219 |
Amortization of deferred debt costs | 2,353 |  |  | 2,250 |  |  | 1,985 |
Capitalized interest | (22,857) |  |  | (19,519) |  |  | (11,191) |
Interest expense | 53,855 |  |  | 49,448 |  |  | 44,013 |
Less: Interest income | (159) |  |  | (295) |  |  | (76) |
Interest expense, net and amortization of deferred debt costs | $ | 53,696 |  |  | $ | 49,153 |  |  | $ | 43,937 |

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- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
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