DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s secured debt consists of the following (dollars in thousands):

	Principal Balance as of December 31, (1)				As of December 31, 2024
					Weighted Average Interest Rate		Weighted Average Effective Interest Rate (2)
Interest Rate Type	2024		2023						Maturity Date
Fixed Rate	$	46,110	$	48,143	2.85	%	3.35	%	May 2031 -  August 2051

(1)    Principal balance does not include deferred financing costs, net of $0.8 million as of each of December 31, 2024 and 2023.

(2)    Weighted average effective interest rate includes private mortgage insurance.

The Company’s senior unsecured notes consist of the following (dollars in thousands):

		Principal Balance as of December 31, (1)
Title	Maturity Date	2024		2023
5.125% senior unsecured notes due 2026 (“2026 Notes”)	August 15, 2026	$	500,000	$	500,000
5.88% senior unsecured notes due 2027 (“2027 Notes”)	May 17, 2027	100,000		100,000
3.90% senior unsecured notes due 2029 (“2029 Notes”)	October 15, 2029	350,000		350,000
3.20% senior unsecured notes due 2031 (“2031 Notes”)	December 1, 2031	800,000		800,000
		$	1,750,000	$	1,750,000

(1)    Principal balance does not include discount, net of $5.0 million and deferred financing costs, net of $9.0 million as of December 31, 2024 and does not include discount, net of $4.3 million and deferred financing costs, net of $10.5 million as of December 31, 2023. In addition, the weighted average effective interest rate as of December 31, 2024 was 4.01%.

Schedule of Maturities for Outstanding Debt

The following is a schedule of maturities for the Company’s outstanding debt as of December 31, 2024 (in thousands):

	Secured Indebtedness		Revolving Credit Facility (1)		Term Loans		Senior Notes		Total
2025	$	2,089	$	—	$	—	$	—	$	2,089
2026	2,147		—		—		500,000		502,147
2027	2,206		106,554		—		100,000		208,760
2028	2,266		—		534,370		—		536,636
2029	2,328		—		—		350,000		352,328
Thereafter	35,074		—		—		800,000		835,074
Total Debt	46,110		106,554		534,370		1,750,000		2,437,034
Discount, net	—		—		—		(5,022)		(5,022)
Deferred financing costs, net	(794)		—		(4,617)		(8,953)		(14,364)
Total Debt, Net	$	45,316	$	106,554	$	529,753	$	1,736,025	$	2,417,648

(1)    Revolving Credit Facility is subject to two six-month extension options.