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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table details the Company’s interest rate swaps as of June 30, 2026:
Notional BalanceFixed Rate
Mortgage notes & credit facilities:
Unsecured term loan credit facility
$700,0003.65%
$250,0003.42%
$145,5004.23%
$100,0003.67%
$54,5003.40%
Unsecured revolving credit facility
$100,0003.25%
$45,5003.40%
Variable rate mortgages
$298,5723.76%
The following table details the Company’s outstanding derivatives:
Notional Amount (1)
Financial InstrumentsNumber of InstrumentsWeighted Average Maturity DateJune 30, 2026December 31, 2025
Total derivatives designated as hedging instruments227/19/2028$1,960,552 $1,718,611 
Total derivatives not designated as hedging instruments146/6/2028$984,537 $800,987 
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(1)The notional amount reflects the balance we expect to settle at the maturity date based on the contractual strike price at trade execution or the initial reference value of the underlying asset, established at trade execution, upon which all payment obligations are calculated.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of our derivative financial instruments and their classification on our Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 are detailed below.
Asset DerivativesLiability Derivatives
Fair ValueFair Value
Financial Instruments
Balance Sheet
Location		June 30, 2026December 31, 2025Balance Sheet
Location		June 30, 2026December 31, 2025
Total derivatives designated as hedging instrumentsOther assets$13,434 $725 Other liabilities$1,140 $10,572 
Total derivatives not designated as hedging instrumentsOther assets$19,989 $8,174 Other liabilities$9,746 $14,633 
Schedule of Derivative Instruments
The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations during the three months ended June 30, 2026 and 2025:
Amount of
Unrealized Gain
(Loss) Recognized
in OCI		Location of Gain
(Loss) Recognized in
Income on Derivatives		Amount of Gain
Reclassified from
Accumulated OCI into Income
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Derivatives designated as hedging instruments$2,624 $(238)Interest income$138 $43 
Derivatives designated as hedging instruments8,629 (4,148)Interest expense(101)2,391 
Total derivatives designated as hedging instruments$11,253 $(4,386)$37 $2,434 
The following table details the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations during the six months ended June 30, 2026 and 2025:
Amount of
Unrealized Gain
(Loss) Recognized
in OCI		Location of Gain
(Loss) Recognized in
Income on Derivatives		Amount of Gain
Reclassified from
Accumulated OCI into Income
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Derivatives designated as hedging instruments$4,820 $(1,025)Interest income$312 $58 
Derivatives designated as hedging instruments17,755 (15,259)Interest expense36 4,702 
Total derivatives designated as hedging instruments$22,575 $(16,284)$348 $4,760 
The following table details the effect of the Company’s derivative financial instruments not designated as hedging instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
Income Statement LocationJune 30, 2026June 30, 2025June 30, 2026June 30, 2025
Total derivatives not designated as hedging instrumentsOther Income (Expense)$32,729 $(5,260)$30,497 $(6,648)