v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The Company had the following debt obligations outstanding as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024Interest RateMaturity Date
SECURED DEBT:
Mortgages:
Goodyear, AZ$39,219 $39,418 4.290%
(1)
August 2031
Long Island City, NY14,922 16,097 3.500%
(1)
March 2028
Principal balance outstanding54,141 55,515 
Unamortized debt issuance costs(539)(585)
Total Mortgages and notes payable, net$53,602 $54,930 
UNSECURED DEBT:
Term Loan$250,000 $300,000 
SOFR + 1.10%
(2)(3)
January 2027
2023 Senior Notes300,000 300,000 6.750 %November 2028
2021 Senior Notes400,000 400,000 2.375 %October 2031
2020 Senior Notes400,000 400,000 2.700 %September 2030
Trust Preferred Securities 129,120 129,120 
 Three Month SOFR + 1.96%
(4)
April 2037
Principal balance outstanding$1,479,120 $1,529,120 
Unamortized debt discount(3,545)(3,731)
Unamortized debt issuance costs(9,368)(10,309)
Total unsecured debt, net$1,466,207 $1,515,080 
Total Debt Obligations$1,519,809 $1,570,010 
(1)    The weighted-average interest rate at March 31, 2025 and December 31, 2024 was approximately 4.1%.
(2)     Spread includes a 10 basis point daily SOFR adjustment.
(3)    During the first quarter of 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 to 4.31% per annum until January 31, 2027.
(4)    Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 170 basis points 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, 2025, the weighted average interest rate of the Trust Preferred Securities was 5.58%, which includes the effect of the interest rate swaps.
The Company capitalized $99 and $1,853 of interest expense for the three months ended March 31, 2025 and 2024, 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. The revolving credit facility matures in July 2026 and can be extended to July 2027, subject to certain conditions. The interest rate ranges from SOFR (plus a 0.10% index adjustment) plus and interest rate spread ranging from 0.725% to 1.400%, and the revolving credit facility allows for further reductions upon the achievement of to-be-determined sustainability metrics. The Company had no borrowings under the $600,000 revolving credit facility as of March 31, 2025 and December 31, 2024.