Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Instrument [Line Items]

Schedule of maturities of long-term debt

The following is a summary of principal maturities of debt outstanding, including mortgage loans, the revolving credit facility and the term loans, as of December 31, 2024:

Year ending December 31,	Amount
	(In thousands)
2025	$	312,370
2026		312,483
2027		424,814
2028		609,566
2029		376,087
Thereafter		553,413
Total	$	2,588,733

Mortgages

Debt Instrument [Line Items]

Summary of debt

	Weighted Average
	Effective	December 31,
	Interest Rate (1)	2024		2023
		(In thousands)
Variable rate (2)	5.58%	$	587,254	$	608,582
Fixed rate (3)	4.79%		1,196,479		1,189,643
Mortgage loans			1,783,733		1,798,225
Unamortized deferred financing costs and premium / discount, net			(16,560)		(15,211)
Mortgage loans, net		$	1,767,173	$	1,783,014

(1) Weighted average effective interest rate as of December 31, 2024.

(2) Includes variable rate mortgage loans with interest rate cap agreements. For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.36%, and the weighted average maturity date of the interest rate caps is the first quarter of 2026. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of December 31, 2024, one-month term Secured Overnight Financing Rate ("SOFR") was 4.33% and the 30-day average SOFR was 4.53%.

(3) Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements.

Line of credit

Debt Instrument [Line Items]

Summary of debt

	Effective	December 31,
	Interest Rate (1)	2024		2023
		(In thousands)
Revolving credit facility (2) (3)	5.98%	$	85,000	$	62,000
Tranche A-1 Term Loan (4)	5.34%	$	200,000	$	200,000
Tranche A-2 Term Loan (5)	4.20%		400,000		400,000
2023 Term Loan (6)	5.41%		120,000		120,000
Term loans			720,000		720,000
Unamortized deferred financing costs, net			(2,147)		(2,828)
Term loans, net		$	717,853	$	717,172

(1) Effective interest rate as of December 31, 2024. The interest rate for the revolving credit facility excludes a 0.20% and 0.15% facility fee as of December 31, 2024 and 2023.

(2) As of December 31, 2024, daily SOFR was 4.49%. As of December 31, 2024 and 2023, letters of credit with an aggregate face amount of $15.2 million and $467,000 were outstanding under our revolving credit facility.

(3) As of December 31, 2024 and 2023, excludes $7.3 million and $10.2 million of net of deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our consolidated balance sheets.

(4) As of December 31, 2024, the interest rate swaps fixed SOFR at a weighted average interest rate of 4.00% through the extended maturity date of January 2027.

(5) As of December 31, 2024, the interest rate swaps fixed SOFR at a weighted average interest rate of 2.81% through the maturity date.

(6) As of December 31, 2024, the interest rate swap fixed SOFR at an interest rate of 4.01% through the maturity date.