Credit Facility (Tables)

3 Months Ended

Mar. 31, 2026

The Unsecured Credit Facility consisted of the following amounts outstanding as of March 31, 2026 and December 31, 2025 (amounts in thousands, except interest rates):


	Interest Rate	March 31, 2026		December 31, 2025

Variable 2029 Revolving Credit Agreement(1)	4.88%	$	165,000	$	151,000

Variable 2027 Term Loan Agreement fixed through interest rate swaps(2)	5.11%	250,000		250,000
Variable 2028 Term Loan Agreement fixed through interest rate swaps(3)	4.18%	275,000		275,000

Total Unsecured Credit Facility, principal amount outstanding	4.68%	690,000		676,000
Unamortized deferred financing costs related to Unsecured Credit Facility term loans		(1,562)		(1,878)
Total Unsecured Credit Facility, net of deferred financing costs		$	688,438	$	674,122

(1)Interest rate represents the daily Secured Overnight Financing Rate, or SOFR, of 3.63% in effect on the Company’s revolving line of credit plus the applicable margin of 1.25% as of March 31, 2026.

(2)Fixed through four interest rate swaps that mature on March 20, 2029.

(3)Fixed through six interest rate swaps that mature on January 31, 2028.

Schedule of Future Principal Payments Due on Debt

The principal payments due on the Unsecured Credit Facility as of March 31, 2026, for the period ending December 31, 2026, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):


	Amount
Period ending December 31, 2026	—
2027(1)	250,000
2028	275,000
2029	165,000
2030	—
Thereafter	—
	$	690,000

(1)The 2027 Term Loan Agreement, at the Company's election, may be extended for a period of one year on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee.