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DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended
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Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | 9. DERIVATIVE FINANCIAL INSTRUMENTS The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of June 30, 2026 and December 31, 2025. The notional amounts provide an indication of the extent of the Company’s involvement in these instruments at that time, but do not represent exposure to credit, interest rate or market risks (dollar amounts presented in thousands).
Hedge Product |  | Hedge Type |  | Designation |  | Notional Amount |  | Strike |  | Trade Date |  | Maturity Date |  | Fair value
|  |  |  |  |  | 6/30/2026 |  | 12/31/2025 |  |  |  |  |  |  |  | 6/30/2026 |  | 12/31/2025
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap |  | Interest Rate |  | Cash Flow | (a) | $ | 250,000 |  |  | $ | — |  |  | 3.713 | % |  | November 23, 2022 |  | June 30, 2027 |  | $ | 520 |  |  | $ | — |
Swap |  | Interest Rate |  | Cash Flow | (a) | 27,062 |  |  | — |  |  | 3.629 | % |  | January 12, 2024 |  | December 30, 2026 |  | 28 |  |  | — |
Swap |  | Interest Rate |  | Cash Flow | (a) | 51,548 |  |  | — |  |  | 3.725 | % |  | January 12, 2024 |  | January 30, 2027 |  | 42 |  |  | — |
Cap |  | Interest Rate |  | Cash Flow |  | $ | 178,014 |  |  | $ | 178,014 |  |  | 3.000 | % |  | July 22, 2025 |  | July 22, 2026 |  | $ | 66 |  |  | $ | 546 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap |  | Interest Rate |  | Cash Flow | (a) | $ | — |  |  | $ | 250,000 |  |  | 3.713 | % |  | November 23, 2022 |  | June 30, 2027 |  | $ | — |  |  | $ | (1,530) |
Swap |  | Interest Rate |  | Cash Flow | (a) | — |  |  | 27,062 |  |  | 3.629 | % |  | January 12, 2024 |  | December 30, 2026 |  | — |  |  | (61) |
Swap |  | Interest Rate |  | Cash Flow | (a) | — |  |  | 51,548 |  |  | 3.725 | % |  | January 12, 2024 |  | January 30, 2027 |  | — |  |  | (189) |
Swap |  | Interest Rate |  | Cash Flow | (a) (b) | $ | 90,000 |  |  | $ | — |  |  | 3.959 | % |  | June 24, 2026 |  | June 24, 2033 |  | $ | (386) |  |  | — |
|  |  |  |  |  | $ | 596,624 |  |  | $ | 506,624 |  |  |  |  |  |  |  |  |  |  |
(a)Hedging unsecured variable rate debt. (b)On June 24, 2026, the Company closed on a $90 million secured term loan at Avira, the residential component of 3025 JFK, located in Philadelphia, Pennsylvania. The loan bears interest at 1.85% over SOFR and has an initial maturity date of June 2033. Effective June 24, 2026, the loan was swapped to a fixed rate at 5.81% through the maturity date. The Company measures its derivative instruments at fair value and records them in “Other assets” and “Other liabilities” on the Company’s consolidated balance sheets. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that the inputs utilized to determine the fair value of derivative instruments are classified in Level 2 of the fair value hierarchy.

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