Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt Obligations Outstanding

The Company had the following debt obligations outstanding as of September 30, 2025 and December 31, 2024:

	September 30, 2025		December 31, 2024		Interest Rate			Maturity Date
SECURED DEBT:
Mortgages:
Goodyear, AZ	$	38,815	$	39,418	4.290	%	(1)	August 2031
Long Island City, NY	12,541		16,097		3.500	%	(1)	March 2028
Principal balance outstanding	51,356		55,515
Unamortized debt issuance costs	(449)		(585)
Total mortgages and notes payable, net	$	50,907	$	54,930
UNSECURED DEBT:
Term Loan	$	250,000	$	300,000	SOFR + 1.10%		(2)(3)	January 2027
Senior Notes due 2028	300,000		300,000		6.750	%		November 2028
Senior Notes due 2030	400,000		400,000		2.700	%		September 2030
Senior Notes due 2031	400,000		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	(3,171)		(3,731)
Unamortized debt issuance costs	(7,966)		(10,309)
Total unsecured debt, net	$	1,439,858	$	1,515,080
Total debt obligations	$	1,490,765	$	1,570,010

(1)    The weighted-average interest rate at September 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 for a fixed interest rate of 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 September 30, 2025, the weighted-average interest rate of the Trust Preferred Securities was 5.40%, 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.