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Interest Rate Contracts (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swaps
The following table sets forth a summary of the Interest Rate Swaps at December 31, 2025 and 2024:
Fair Value (1)
Current Notional Amounts
Derivative InstrumentEffective DateMaturity DateInterest Strike RateDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024
Assets
Current Interest Rate Swaps(2)
Interest Rate Swap(3)
7/1/20257/1/20293.57%$— $1,346 $— $100,000 
Interest Rate Swap7/1/20257/1/20293.57%(696)1,341 85,000 100,000 
Interest Rate Swap7/1/20257/1/20293.60%(901)1,255 100,000 100,000 
Interest Rate Swap7/1/20257/1/20293.58%(847)1,310 100,000 100,000 
Interest Rate Swap(3)
7/1/20257/1/20293.57%— 1,338 — 100,000 
Interest Rate Swap(3)
7/1/20257/1/20293.62%— 585 — 50,000 
Total$(2,444)$7,175 $285,000 $550,000 
Previous Interest Rate Swaps
Interest Rate Swap3/10/20207/1/20250.83%$— $2,605 $— $150,000 
Interest Rate Swap3/10/20207/1/20250.84%— 1,732 — 100,000 
Interest Rate Swap3/10/20207/1/20250.86%— 1,291 — 75,000 
Interest Rate Swap7/1/20207/1/20252.82%— 938 — 125,000 
Interest Rate Swap7/1/20207/1/20252.82%— 748 — 100,000 
Interest Rate Swap7/1/20207/1/20252.83%— 747 — 100,000 
Interest Rate Swap(3)
7/1/20207/1/20252.84%— 738 — 100,000 
Total$— $8,799 $— $750,000 
(1)The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly there are no offsetting amounts that net assets against liabilities. As of December 31, 2025 and 2024, derivatives in an asset or liability position are included in the line item “Interest rate swap asset” or “Interest rate swap liability”, respectively, in the consolidated balance sheets at fair value.
(2)In connection with the Eighth Amendment, the Operating Partnership entered into certain interest rate swaps, in the form of forward-starting, floating to fixed SOFR interest rate swaps. These swaps become effective July 1, 2025, and mature July 1, 2029 and have the effect of converting SOFR to a weighted average fixed rate of 3.58%.
(3)In December 2025, the Company terminated three interest rate swap agreements with an aggregate notional amount of $250.0 million and partially terminated an additional interest rate swap agreement for $15.0 million of notional amounts. The interest rate swaps were designated as and qualified as cash flow hedges and were terminated in connection with the repayment of the Company’s unsecured debt. Upon termination, approximately $2.2 million of losses previously recorded in AOCI were reclassified into earnings and recognized within “Loss on extinguishment of debt” in the accompanying consolidated statement of operations. In connection with the terminations, the Company entered into the Tenth Amendment which removed the Second Amended and Restated Credit Agreement’s requirement to maintain a minimum amount of interest rate swaps.
Schedule of Derivative Instruments, Gain (Loss)
The following table sets forth the impact of the Interest Rate Swaps on the consolidated statements of operations for the periods presented:
Year Ended December 31,
202520242023
Interest Rate Swaps in Cash Flow Hedging Relationship:
Amount of gain (loss) recognized in AOCI on derivatives$9,673 $(14,305)$(9,295)
Amount reclassified from AOCI into earnings
$8,619 $25,146 $23,630 
Total “Interest expense” reported on the consolidated statements of operations
$56,565 $55,978 $59,371