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Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The Company had the following debt obligations outstanding as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024Interest RateMaturity Date
SECURED DEBT:
Mortgages:
Goodyear, AZ$39,018 $39,418 4.290 %
(1)
August 2031
Long Island City, NY13,737 16,097 3.500 %
(1)
March 2028
Principal balance outstanding52,755 55,515 
Unamortized debt issuance costs(495)(585)
Total Mortgages and notes payable, net$52,260 $54,930 
UNSECURED DEBT:
Term Loan$250,000 $300,000 
SOFR + 1.10%
(2)(3)
January 2027
2023 Senior Notes300,000 300,000 6.750 %November 2028
2020 Senior Notes400,000 400,000 2.700 %September 2030
2021 Senior Notes400,000 400,000 2.375 %October 2031
Trust Preferred Securities 100,995 129,120 
 Three Month SOFR + 1.96%
(4)(5)
April 2037
Principal balance outstanding$1,450,995 $1,529,120 
Unamortized debt discount(3,358)(3,731)
Unamortized debt issuance costs(8,537)(10,309)
Total unsecured debt, net$1,439,100 $1,515,080 
Total debt obligations$1,491,360 $1,570,010 
(1)    The weighted-average interest rate at June 30, 2025 and December 31, 2024 was approximately 4.1%.
(2)     Spread includes a 0.10% daily SOFR adjustment.
(3)    During the quarter ended March 31, 2025, the Company repaid $50,000 of the Term Loan, resulting in a loss on debt satisfaction of $350. The SOFR portion of the interest rate was swapped to 4.31% per annum until January 31, 2027.
(4)    Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 1.70% through maturity. $82,500 is swapped at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of June 30, 2025, the weighted average interest rate of the Trust Preferred Securities was 5.39%, which includes the effect of the interest rate swaps.
(5)    During the quarter ended June 30, 2025, the Company repurchased $28,125 of the Trust Preferred Securities for a cash payment of $26,940, including accrued interest of $215, which resulted in a gain on debt satisfaction, net of $1,143, including a write off of $257 in deferred financing costs. The Trust Preferred Securities, which are classified as debt are redeemable by the Company.
The Company capitalized $137 and $2,687 of interest expense for the six months ended June 30, 2025 and 2024, respectively.
The Company has an unsecured credit agreement with KeyBank National Association, as agent for a revolving credit facility of up to $600,000, subject to covenant compliance. The revolving credit facility matures in July 2026 and can be extended to July 2027, subject to certain conditions. The interest rate ranges from SOFR (plus a 0.10% index adjustment) plus and interest rate spread ranging from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. The Company had no borrowings under the $600,000 revolving credit facility as of June 30, 2025 and December 31, 2024.