DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

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

	Principal Balance as of				As of June 30, 2026
Interest Rate Type	June 30, 2026 (1)		December 31, 2025 (1)		Weighted Average Interest Rate		Weighted Average Effective Interest Rate (2)		Maturity Date
Fixed Rate	$	42,955	$	44,021	2.86	%	3.37	%	May 2031 -  August 2051

(1)     Principal balance does not include deferred financing costs, net of $0.7 million as of each of June 30, 2026 and December 31, 2025.

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

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

		Principal Balance as of
Title	Maturity Date	June 30, 2026 (1)		December 31, 2025 (1)
5.38% 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
		$	1,250,000	$	1,250,000

(1)    Principal balance does not include discount, net of $6.4 million and deferred financing costs, net of $6.6 million as of June 30, 2026 and does not include discount, net of $6.9 million and deferred financing costs, net of $7.4 million as of December 31, 2025. In addition, the weighted average effective interest rate as of June 30, 2026 was 3.66%.

Schedule of Maturities for Outstanding Debt

The following is a schedule of maturities for the Company’s outstanding debt as of June 30, 2026 (in thousands): 

	Secured Indebtedness		Revolving Credit     Facility (1)		Term Loans		Senior Notes		Total
July 1 through December 31, 2026	$	1,081	$	—	$	—	$	—	$	1,081
2027	2,206		317,475		—		100,000		419,681
2028	2,266		—		535,495		—		537,761
2029	2,328		—		—		350,000		352,328
2030	2,392		—		500,000		—		502,392
Thereafter	32,682		—		—		800,000		832,682
Total Debt	42,955		317,475		1,035,495		1,250,000		2,645,925
Discount, net	—		—		—		(6,422)		(6,422)
Deferred financing costs, net	(722)		—		(5,979)		(6,638)		(13,339)
Total Debt, Net	$	42,233	$	317,475	$	1,029,516	$	1,236,940	$	2,626,164

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