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Indebtedness (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Summary of Unsecured and Secured Indebtedness | The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in thousands):
|  | Carrying Value at December 31, |  |  | Interest Rate(A) at December 31, |  | Maturity Date at
|  | 2024 |  |  | 2023 |  |  | 2024 |  | 2023 |  | December 31, 2024
Unsecured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes |  | $ | — |  |  | $ | 1,307,142 |  |  | N/A |  | 3.625%–4.70% |  | N/A
Senior Notes – discount, net |  |  | — |  |  |  | (1,384 | ) |  |  |  |  |  |
Net unamortized debt issuance costs |  | — |  |  |  | (2,515 | ) |  |  |  |  |  |
Total Senior Notes(B) |  | $ | — |  |  | $ | 1,303,243 |  |  |  |  |  |  |
Term Loan |  | $ | — |  |  | $ | 200,000 |  |  | N/A |  | 4.0% (C) |  | N/A
Net unamortized debt issuance costs |  | — |  |  |  | (1,144 | ) |  |  |  |  |  |
Total Term Loan |  | $ | — |  |  | $ | 198,856 |  |  |  |  |  |  |
Secured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Indebtedness – Fixed Rate |  | $ | 99,862 |  |  | $ | 100,000 |  |  | 6.7% |  | 6.7% |  | November 2028
Mortgage Indebtedness – Variable Rate |  |  | 206,900 |  |  |  | — |  |  | 7.1% |  | N/A |  | September 2026
Net unamortized debt issuance costs |  |  | (5,389 | ) |  |  | (1,582 | ) |  |  |  |  |  |
Total Mortgage Indebtedness |  | $ | 301,373 |  |  | $ | 98,418 |  |  |  |  |  |  |
Total indebtedness |  | $ | 301,373 |  |  | $ | 1,600,517 |  |  |  |  |  |  |
(A) The interest rates reflected above for the Senior Notes represented the range of the coupon rate of the notes outstanding. The interest rate on variable-rate debt was calculated using the base rate and spread effective December 31, 2024. (B) Effective interest rates ranged from 3.8% to 4.8% as of December 31, 2023. (C) Reflected the utilization of a swap, which capped the variable-rate (SOFR) interest rate at 2.75%, plus a 10-basis point credit spread adjustment plus the applicable margin (0.95% at December 31, 2023), which was based on the Company’s long-term unsecured debt rating.
Schedule Principal Repayments | The schedul ed principal repayments of the secured indebtedness, excluding extension options, as of December 31, 2024, were as follows (in thousands):
Year |  | Amount |
2025 |  | $ | 1,627 |
2026 |  |  | 208,640 |
2027 |  |  | 1,861 |
2028 |  |  | 94,634 |
|  |  | 306,762 |
Net unamortized debt issuance costs |  |  | (5,389 | )
Total indebtedness |  | $ | 301,373 |

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