UNSECURED DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

A summary of the carrying amount of Unsecured debt follows:

				Balance at December 31,
	Margin	Interest Rate	Maturity Date	2024		2023
				(In thousands)
$50 Million Unsecured Term Loan (1)	0.94%	4.08%	08/30/2024	$	—	50,000
$60 Million Senior Unsecured Notes	Not applicable	3.46%	12/13/2024	—		60,000
$60 Million Senior Unsecured Notes	Not applicable	3.48%	12/15/2024	—		60,000
$50 Million Unsecured Term Loan (1)	1.10%	1.58%	03/18/2025	50,000		50,000
$20 Million Senior Unsecured Notes	Not applicable	3.80%	08/28/2025	20,000		20,000
$25 Million Senior Unsecured Notes	Not applicable	3.97%	10/01/2025	25,000		25,000
$50 Million Senior Unsecured Notes	Not applicable	3.99%	10/07/2025	50,000		50,000
$100 Million Unsecured Term Loan (1)	0.94%	2.09%	10/10/2026	100,000		100,000
$40 Million Senior Unsecured Notes	Not applicable	3.75%	12/15/2026	40,000		40,000
$100 Million Unsecured Term Loan (1)	0.95%	1.80%	03/25/2027	100,000		100,000
$75 Million Unsecured Term Loan (1)	0.94%	3.99%	08/31/2027	75,000		75,000
$60 Million Senior Unsecured Notes	Not applicable	3.93%	04/10/2028	60,000		60,000
$100 Million Unsecured Term Loan (1) (2)	0.95%	2.61%	09/29/2028	100,000		100,000
$80 Million Senior Unsecured Notes	Not applicable	4.27%	03/28/2029	80,000		80,000
$75 Million Senior Unsecured Notes	Not applicable	3.47%	08/19/2029	75,000		75,000
$100 Million Unsecured Term Loan (1)	1.35%	5.27%	01/13/2030	100,000		100,000
$100 Million Senior Unsecured Notes	Not applicable	2.61%	10/14/2030	100,000		100,000
$125 Million Senior Unsecured Notes	Not applicable	2.74%	06/10/2031	125,000		125,000
$35 Million Senior Unsecured Notes	Not applicable	3.54%	08/15/2031	35,000		35,000
$150 Million Senior Unsecured Notes	Not applicable	3.03%	04/20/2032	150,000		150,000
$75 Million Senior Unsecured Notes	Not applicable	2.71%	10/14/2032	75,000		75,000
$75 Million Senior Unsecured Notes	Not applicable	4.90%	10/12/2033	75,000		75,000
$75 Million Senior Unsecured Notes	Not applicable	4.95%	10/12/2034	75,000		75,000
				$	1,510,000	1,680,000

(1)The interest rates on these unsecured term loans are comprised of Term SOFR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term SOFR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2024.

(2)This term loan was refinanced effective September 29, 2023. The margin was reduced by approximately 45 basis points, changing the effectively fixed rate from 3.06% to 2.61%.

Principal payments due during the next five years

Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2024 are as follows: 

Years Ending December 31,	(In thousands)
2025	$	145,000
2026	140,000
2027	175,000
2028	160,000
2029	155,000
Thereafter	735,000
Total unsecured debt, before amortization of debt issuance costs	$	1,510,000

Schedule of Debt

The Company’s unsecured debt is detailed below:

	December 31,
	2024		2023
	(In thousands)
Unsecured debt - fixed rate, carrying amount (1)	$	1,510,000	1,680,000
Unamortized debt issuance costs	(2,843)		(3,653)
Unsecured debt, net of debt issuance costs	$	1,507,157	1,676,347

(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.