Debt (Tables)

12 Months Ended

Dec. 31, 2025

The Company had the following mortgages and notes payable outstanding as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024		Interest Rate			Maturity Date
SECURED DEBT:
Mortgages:
Goodyear, AZ	$	38,610	$	39,418	4.290	%	(1)	August 2031
Long Island City, NY	11,336		16,097		3.500	%	(1)	March 2028
Principal balance outstanding	49,946		55,515
Unamortized debt issuance costs	(405)		(585)
Total Mortgages and notes payable, net	$	49,541	$	54,930

UNSECURED DEBT:
Term Loan	$	250,000	$	300,000	SOFR+1.10%		(2)(3)	January 2027
Senior Notes due 2028	160,000		300,000		6.750	%	(4)	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%		(5)(6)	April 2037
Principal balance outstanding	$	1,310,995	$	1,529,120
Unamortized debt discount	(2,520)		(3,731)
Unamortized debt issuance cost	(6,616)		(10,309)
Total unsecured debt, net	$	1,301,859	$	1,515,080
Total debt obligations	$	1,351,400	$	1,570,010

(1)The weighted-average interest rate at December 31, 2025 and 2024 was approximately 4.1%.

(2)Spread includes a 0.10% daily SOFR adjustment.

(3)In March 2025, the Company repaid $50,000 of the Term Loan, resulting in a loss on debt satisfaction of $350. As of December 31, 2025, the SOFR portion of the interest rate was swapped for a fixed interest rate of 4.31% per annum until January 31, 2027.

(4)In October 2025, the Company completed a cash tender offer to repurchase $140,000 of the principal amount on the 6.750% notes due 2028, resulting in a loss on debt satisfaction of $12,602.

(5)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 December 31, 2025, the weighted-average interest rate of the Trust Preferred Securities was 5.31%, which includes the effect of the interest rate swaps.

(6)In June 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.

Schedule of Maturities of Long-term Debt

Scheduled principal and balloon payments for the secured and unsecured debt for the next five years and thereafter are as follows:


Year ending December 31,	Total
2026	$	5,773
2027	255,984
2028	162,223
2029	960
2030	401,002
Thereafter	534,999
	1,360,941
Unamortized debt discount	(2,520)
Unamortized debt issuance costs	(7,021)
	$	1,351,400