Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt

The Company had the following debt obligations outstanding as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025		Interest Rate			Maturity Date
SECURED DEBT:
Mortgages:
Goodyear, AZ	$	38,402	$	38,610	4.290	%	(1)	August 2031
Long Island City, NY	10,119		11,336		3.500	%	(1)	March 2028
Principal balance outstanding	48,521		49,946
Unamortized debt issuance costs	(359)		(405)
Total mortgages and notes payable, net	$	48,162	$	49,541
UNSECURED DEBT:
Term Loan	$	250,000	$	250,000	SOFR + 0.85%		(2)	January 2029
Senior Notes due 2028	160,000		160,000		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		100,995		Three Month SOFR + 1.96%		(3)	April 2037
Principal balance outstanding	$	1,310,995	$	1,310,995
Unamortized debt discount	(2,373)		(2,520)
Unamortized debt issuance costs	(7,853)		(6,616)
Total unsecured debt, net	$	1,300,769	$	1,301,859
Total debt obligations	$	1,348,931	$	1,351,400

(1)    The weighted-average interest rate as of March 31, 2026 and December 31, 2025 was approximately 4.1%.

(2)     In January 2026, the Company amended and restated its credit agreement and extended the maturity of the term loan from January 2027 to January 2029, with two one-year extension options, subject to certain conditions. The amended Term Loan provides an interest rate range of SOFR plus 0.80% to 1.60% based on the current consolidated leverage ratio and credit ratings. Based on the Company's current credit ratings and consolidated leverage ratio, the interest rate spread is 0.85%. In connection with the transaction, the Company deferred direct costs of $1,962 which are being amortized through the maturity date of the term loan and recognized $225 of loss on debt satisfaction in connection with the transaction. As of March 31, 2026, the SOFR portion of the interest rate was swapped for a fixed interest rate of 4.06% per annum until January 31, 2027.

(3)    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 March 31, 2026, the weighted-average interest rate of the Trust Preferred Securities was 5.282%, which includes the effect of the interest rate swaps.

The Company capitalized $210 and $99 of interest expense for the three months ended March 31, 2026 and 2025, 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. In January 2026, the Company amended and restated its credit agreement and extended the maturity for the revolving credit facility from July 2026 to January 2030 with two six-month or one twelve-month extension option to extend up to January 2031, subject to certain conditions. The interest rate ranges from SOFR plus 0.725% to 1.40% based on the current consolidated leverage ratio and credit ratings. Based on the current consolidated leverage ratio and investment grade ratings, for SOFR borrowing the applicable margin for the credit facility is 0.775%. The revolving credit facility is also subject to a facility fee equal to 0.125% to 0.300% depending on the Company's credit rating and consolidated leverage ratio, of the total commitments under the revolving credit facility. The facility fee is currently 0.15%. In connection with the transaction, the Company deferred direct costs of $5,613 which are being amortized through the maturity date of the revolving credit facility and recognized $74 of loss on debt satisfaction in connection with the transaction. The Company had no borrowings under the $600,000 revolving credit facility as of March 31, 2026 and December 31, 2025.