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Debt - Schedule of Unsecured Credit Facilities (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Interest Rate, Description one-month SOFR plus a 0.10% SOFR spread adjustment  
Outstanding Balance $ 1,476,800 $ 1,378,002
Revolving credit facility outstanding balance 82,500  
Unamortized debt issuance costs (5,540)  
Term loans and senior notes, net 1,135,175 1,088,904
Credit facilities, net $ 1,471,452 $ 1,371,494
Weighted-average interest rate 4.71% 4.26%
SOFR spread adjustment rate 0.10%  
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Interest Rate, Description [1] SOFR + 0.10% + 1.40% - 2.25%  
Maturity Date [1] Jul. 25, 2026  
Outstanding Balance [1] $ 82,500  
SOFR spread adjustment rate [1] 0.10%  
Revolving Credit Facility [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate [1] 1.40%  
Revolving Credit Facility [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate [1] 2.25%  
Million275 Term Loan [Member]    
Debt Instrument [Line Items]    
Interest Rate, Description SOFR + 0.10% + 1.35% - 2.20%  
Maturity Date Jul. 25, 2027  
Outstanding Balance $ 275,000 $ 275,000
SOFR spread adjustment rate 0.10%  
Million275 Term Loan [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 1.35%  
Million275 Term Loan [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 2.20%  
Million300 Term Loan [Member]    
Debt Instrument [Line Items]    
Interest Rate, Description SOFR + 0.10% + 1.35% - 2.20%  
Maturity Date Jan. 31, 2028  
Outstanding Balance $ 300,000 300,000
SOFR spread adjustment rate 0.10%  
Million300 Term Loan [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 1.35%  
Million300 Term Loan [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 2.20%  
$50 Million Term Loan [Member]    
Debt Instrument [Line Items]    
Interest Rate, Description SOFR + 0.10% + 1.35% - 2.20%  
Maturity Date [2] Aug. 02, 2025  
Outstanding Balance $ 50,000 50,000
SOFR spread adjustment rate 0.10%  
$50 Million Term Loan [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 1.35%  
$50 Million Term Loan [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 2.20%  
$175 Million Term Loan [Member]    
Debt Instrument [Line Items]    
Interest Rate, Description SOFR + 0.10% + 1.65% - 2.50%  
Maturity Date [2] Aug. 02, 2025  
Outstanding Balance $ 175,000 175,000
SOFR spread adjustment rate 0.10%  
$175 Million Term Loan [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 1.65%  
$175 Million Term Loan [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 2.50%  
$130 Million Term Loan [Member]    
Debt Instrument [Line Items]    
Interest Rate, Description SOFR + 0.10% + 1.35% - 2.20%  
Maturity Date [3] Jul. 25, 2026  
Outstanding Balance $ 130,000 85,000
SOFR spread adjustment rate 0.10%  
$130 Million Term Loan [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 1.35%  
$130 Million Term Loan [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 2.20%  
$85 Million Term Loan [Member]    
Debt Instrument [Line Items]    
Interest Rate, Description SOFR + 0.10% + 1.70% - 2.55%  
Maturity Date Dec. 31, 2029  
Outstanding Balance $ 85,000 85,000
SOFR spread adjustment rate 0.10%  
$85 Million Term Loan [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 1.70%  
$85 Million Term Loan [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Basis Spread on Variable Rate 2.55%  
$50 Million Senior Notes [Member]    
Debt Instrument [Line Items]    
Interest Rate, Description 3.60% - 4.35%  
Maturity Date Mar. 31, 2030  
Outstanding Balance $ 50,000 50,000
$50 Million Senior Notes [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Interest Rate 3.60%  
$50 Million Senior Notes [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Interest Rate 4.35%  
$75 Million Senior Notes [Member]    
Debt Instrument [Line Items]    
Interest Rate, Description 4.88% - 5.63%  
Maturity Date Jun. 02, 2029  
Outstanding Balance $ 75,000 75,000
$75 Million Senior Notes [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Interest Rate 4.88%  
$75 Million Senior Notes [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Interest Rate 5.63%  
Term Loans and Senior Loans, Net [Member]    
Debt Instrument [Line Items]    
Outstanding Balance $ 1,140,000 1,095,000
Unamortized debt issuance costs (4,825) (6,096)
Term loans and senior notes, net 1,135,175 1,088,904
Credit Facilities, Net [Member]    
Debt Instrument [Line Items]    
Credit facilities, net [1] $ 1,217,675 $ 1,088,904
Weighted-average interest rate [4] 4.88% 4.35%
[1] Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $2.1 million and $3.5 million as of December 31, 2024 and December 31, 2023, respectively, which are included in other assets, net in the Company’s consolidated balance sheets.
[2] The Company plans to pay outstanding amounts and service payments due upon the upcoming debt maturity date using funds from operations, borrowings under its Revolving Credit Facility, proceeds from new financing, available credit extensions under its unsecured credit facilities or refinancing the maturing debt.
[3] On July 17, 2024, the Company amended the 2017 $85 million term loan facility, which increased the amount of the term loan facility to $130 million, with the additional $45 million funded at closing, and extended the maturity date to July 25, 2026. The interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10% SOFR spread adjustment plus a margin ranging from 1.35% to 2.20%, depending on the Company's leverage ratio, as calculated under the terms of the amended credit agreement. Subject to certain conditions, including covenant compliance and additional fees, the maturity date of the $130 million term loan facility may be extended by the Company to July 25, 2027.
[4] Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $735.0 million and $820.0 million of the outstanding variable-rate debt as of December 31, 2024 and 2023, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR at December 31, 2024 and December 31, 2023 was 4.33% and 5.35%, respectively.