Mortgages and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company had the following mortgages and notes payable outstanding as of December 31, 2024 and 2023:

	December 31, 2024		December 31, 2023
Mortgages and notes payable	$	55,515	$	60,888
Unamortized debt issuance costs	(585)		(764)
	$	54,930	$	60,124

Schedule of Line of Credit Facilities

The maturity dates and interest rates as of December 31, 2024, were as follows:

	Maturity Date	Interest Rate
$600,000 Revolving Credit Facility(1)	July 2026	SOFR + 0.85%
$300,000 Term Loan(2)	January 2027	Term SOFR + 1.00%

(1)Maturity date of the revolving credit facility can be extended to July 2027, subject to certain conditions. The interest rate ranges from SOFR (plus a 0.10% index adjustment) plus 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. At December 31, 2024, the Company had no borrowings outstanding and availability of $600,000, subject to covenant compliance.

(2)    The Term SOFR portion of the interest rate was swapped to obtain a fixed-rate of 2.722% per annum, until January 31, 2025. In 2024, the Company entered into forward interest rate swap agreements designated as cash flow hedges to effectively fix the interest rate related to an aggregate notional amount of $250,000 of $300,000 of the term loan at an average interest rate of 4.31% from January 31, 2025 to January 31, 2027. The aggregate unamortized debt issuance costs for the term loan were $2,186 and $3,236 as of December 31, 2024 and 2023, respectively.

Schedule of Maturities of Long-term Debt

Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows:

Year ending December 31,	Total
2025	$	5,570
2026	5,773
2027	305,984
2028	2,223
2029	960
Thereafter	35,005
	355,515
Unamortized debt issuance costs	(2,771)
	$	352,744

Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:

Year ending December 31,	Total
2025	$	—
2026	—
2027	—
2028	300,000
2029	—
Thereafter	929,120
	1,229,120
Unamortized debt discounts	(3,731)
Unamortized debt issuance costs	(8,123)
	$	1,217,266