Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Fair Value of Mortgage Debt

The following table presents the carrying value, fair value and weighted average interest rates for our mortgage notes payable (amounts in thousands except percentages):

			As of December 31, 2025						As of December 31, 2024
	Stated Interest Rate	Maturity Date	Carrying Value		Fair Value		Weighted Average Interest Rate		Carrying Value		Fair Value		Weighted Average Interest Rate
Mortgage notes payable	2.40% to 5.10%	2028 to 2041	$	2,800,866	$	2,404,789	3.77	%	$	2,952,689	$	2,329,253	3.77	%
Less: Deferred financing costs, net			$	(21,708)					$	(24,396)
Mortgage notes payable, net			$	2,779,158					$	2,928,293

Schedule of Unsecured Debt

The following table presents the number of encumbered Properties and the gross carrying value of such Properties (gross carrying value in thousands):

	As of December 31, 2025			As of December 31, 2024
	Number of Encumbered Properties	Gross Carrying Value		Number of Encumbered Properties	Gross Carrying Value
Encumbered Properties	112	$	3,266,579	120	$	3,268,521

The following table presents the carrying value, fair value and weighted average interest rates for our unsecured debt (amounts in thousands):

			As of December 31, 2025				As of December 31, 2024
	Stated Interest Rate	Maturity Date	Carrying Value (1)		Effective Interest Rate		Carrying Value (1)		Effective Interest Rate
$240.0 Million Term Loan (2)	SOFR + 1.20% to 1.70%	May 15, 2030	$	240,000	4.74	%	$	—	—	%
$200.0 Million Term Loan	SOFR + 0.10% + 1.20% to 1.70%	January 21, 2027	$	200,000	4.88	%	$	200,000	4.88	%
Line of Credit Borrowing (3)	SOFR + 0.10% + 1.25% to 1.65%	July 18, 2028	$	105,000	5.01	%	$	77,000	5.65	%
Less: Deferred Financing Costs, net			$	(2,545)			$	(656)
Total unsecured debt, net			$	542,455			$	276,344

_____________________

(1)Carrying value approximates fair value.

(2)During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement (the “$240 million Term Loan”) and drew $150.0 million and $90.0 million in May 2025 and July 2025, respectively.

(3)As of December 31, 2025, our LOC had a remaining borrowing capacity of $394.9 million.

Schedule of Aggregate Payments of Principal on Long-Term Borrowings

The following table presents the aggregate scheduled payments of principal on long-term borrowings for each of the next five years and thereafter as of December 31, 2025:

(amounts in thousands)	Amount
2026	$	66,784
2027	269,482
2028	348,977
2029	335,060
2030	585,423
Thereafter	1,740,140
Total	$	3,345,866