Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt Obligations Outstanding

The Company had the following debt obligations outstanding as of June 30, 2026 and December 31, 2025:

	June 30, 2026		December 31, 2025		Interest Rate			Maturity Date
SECURED DEBT:
Mortgages:
Goodyear, AZ	$	38,192	$	38,610	4.290	%	(1)	August 2031
Long Island City, NY	8,893		11,336		3.500	%	(1)	March 2028
Principal balance outstanding	47,085		49,946
Unamortized debt issuance costs	(315)		(405)
Total mortgages and notes payable, net	$	46,770	$	49,541
UNSECURED DEBT:
Revolving Credit Facility	$	15,000	$	—	SOFR + 0.775%			January 2030
Term Loan	250,000		250,000		SOFR + 0.850%		(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	$	1,325,995	$	1,310,995
Unamortized debt discount	(2,227)		(2,520)
Unamortized debt issuance costs	(7,352)		(6,616)
Total unsecured debt, net	$	1,316,416	$	1,301,859
Total debt obligations	$	1,363,186	$	1,351,400

(1)    The weighted-average interest rate as of June 30, 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 June 30, 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 June 30, 2026, the weighted-average interest rate of the Trust Preferred Securities was 5.281%, which includes the effect of the interest rate swaps.