v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of June 30, 2026 and December 31, 2025. The notional amounts provide an indication of the extent of the Company’s involvement in these instruments at that time, but do not represent exposure to credit, interest rate or market risks (dollar amounts presented in thousands).
Hedge ProductHedge TypeDesignationNotional AmountStrikeTrade DateMaturity DateFair value
6/30/202612/31/20256/30/202612/31/2025
Assets
SwapInterest RateCash Flow(a)$250,000 $— 3.713 %November 23, 2022June 30, 2027$520 $— 
SwapInterest RateCash Flow(a)27,062 — 3.629 %January 12, 2024December 30, 202628 — 
SwapInterest RateCash Flow(a)51,548 — 3.725 %January 12, 2024January 30, 202742 — 
Cap
Interest Rate
Cash Flow
$178,014 $178,014 3.000 %July 22, 2025July 22, 2026$66 $546 
Liabilities
SwapInterest RateCash Flow(a)$— $250,000 3.713 %November 23, 2022June 30, 2027$— $(1,530)
SwapInterest RateCash Flow(a)— 27,062 3.629 %January 12, 2024December 30, 2026— (61)
SwapInterest RateCash Flow(a)— 51,548 3.725 %January 12, 2024January 30, 2027— (189)
SwapInterest RateCash Flow(a) (b)$90,000 $— 3.959 %June 24, 2026June 24, 2033$(386)— 
$596,624 $506,624 
(a)Hedging unsecured variable rate debt.
(b)On June 24, 2026, the Company closed on a $90 million secured term loan at Avira, the residential component of 3025 JFK, located in Philadelphia, Pennsylvania. The loan bears interest at 1.85% over SOFR and has an initial maturity date of June 2033. Effective June 24, 2026, the loan was swapped to a fixed rate at 5.81% through the maturity date.