Indebtedness (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Summary of Unsecured and Secured Indebtedness

The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in thousands):

	Carrying Value at December 31,						Interest Rate(A) at December 31,		Maturity Date at
	2024			2023			2024	2023	December 31, 2024
Unsecured indebtedness:
Senior Notes	$	—		$	1,307,142		N/A	3.625%–4.70%	N/A
Senior Notes – discount, net		—			(1,384	)
Net unamortized debt issuance costs	—				(2,515	)
Total Senior Notes(B)	$	—		$	1,303,243
Term Loan	$	—		$	200,000		N/A	4.0% (C)	N/A
Net unamortized debt issuance costs	—				(1,144	)
Total Term Loan	$	—		$	198,856
Secured indebtedness:
Mortgage Indebtedness – Fixed Rate	$	99,862		$	100,000		6.7%	6.7%	November 2028
Mortgage Indebtedness – Variable Rate		206,900			—		7.1%	N/A	September 2026
Net unamortized debt issuance costs		(5,389	)		(1,582	)
Total Mortgage Indebtedness	$	301,373		$	98,418
Total indebtedness	$	301,373		$	1,600,517

(A)The interest rates reflected above for the Senior Notes represented the range of the coupon rate of the notes outstanding. The interest rate on variable-rate debt was calculated using the base rate and spread effective December 31, 2024.

(B)Effective interest rates ranged from 3.8% to 4.8% as of December 31, 2023.

(C)Reflected the utilization of a swap, which capped the variable-rate (SOFR) interest rate at 2.75%, plus a 10-basis point credit spread adjustment plus the applicable margin (0.95% at December 31, 2023), which was based on the Company’s long-term unsecured debt rating.

Schedule Principal Repayments

The scheduled principal repayments of the secured indebtedness, excluding extension options, as of December 31, 2024, were as follows (in thousands):

Year	Amount
2025	$	1,627
2026		208,640
2027		1,861
2028		94,634
		306,762
Net unamortized debt issuance costs		(5,389	)
Total indebtedness	$	301,373