v3.26.1
Debt - Summary of Consolidated Indebtedness (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Basis spread on variable rate 1.00%  
Long-term debt, gross [1],[2] $ 1,652,324 $ 1,873,367
Net unamortized debt issuance costs (15,780) (11,387)
Unamortized premium 474 926
Total Mortgages Payable 480,045 893,944
Unsecured notes payable, net 1,113,650 879,462
Total Indebtedness 1,637,018 [3] 1,862,906
Mortgages    
Debt Instrument [Line Items]    
Net unamortized debt issuance costs (2,180) (4,599)
Unamortized premium 474 926
Total Mortgages Payable $ 480,045 893,944
Mortgages | Fund V | Maximum    
Debt Instrument [Line Items]    
Maturity Date 2029-06  
Mortgages | Fund V | Minimum    
Debt Instrument [Line Items]    
Maturity Date 2026-09  
Mortgages | Fund Portfolio | Fund II    
Debt Instrument [Line Items]    
Long-term debt, gross [4] $ 0 137,500
Mortgages | Fund Portfolio | Fund IV    
Debt Instrument [Line Items]    
Long-term debt, gross 25,939 27,249
Mortgages | Fund Portfolio | Fund V    
Debt Instrument [Line Items]    
Long-term debt, gross 229,311 505,184
Unsecured Debt    
Debt Instrument [Line Items]    
Net unamortized debt issuance costs (13,600) (6,788)
Unsecured notes payable, net 1,113,650 879,462
Unsecured Debt | Fund Portfolio | Fund IV    
Debt Instrument [Line Items]    
Long-term debt, gross 52,250 61,250
Line of Credit    
Debt Instrument [Line Items]    
Unsecured notes payable, net [5],[6] 43,323 89,500
Fixed Rate | Mortgages | REIT Portfolio    
Debt Instrument [Line Items]    
Long-term debt, gross $ 226,501 227,684
Fixed Rate | Mortgages | REIT Portfolio | Maximum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 6.05%  
Maturity Date 2035-04  
Fixed Rate | Mortgages | REIT Portfolio | Minimum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 3.99%  
Maturity Date 2026-11  
Variable Rate Debt | Mortgages | Fund V | Maximum    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.40%  
Variable Rate Debt | Mortgages | Fund V | Minimum    
Debt Instrument [Line Items]    
Basis spread on variable rate 2.80%  
Variable Rate Debt | Mortgages | Fund Portfolio | Fund IV    
Debt Instrument [Line Items]    
Basis spread on variable rate 5.62%  
Maturity Date 2028-06  
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund V | Maximum    
Debt Instrument [Line Items]    
Basis spread on variable rate 3.10%  
Maturity Date 2030-04  
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund V | Minimum    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.40%  
Maturity Date 2026-12  
Variable Rate Unsecured Term Loans | Unsecured Debt    
Debt Instrument [Line Items]    
Long-term debt, gross [5],[7] $ 837,500 725,000
Variable Rate Unsecured Term Loans | Unsecured Debt | Maximum    
Debt Instrument [Line Items]    
Maturity Date [5],[7] 2031-04  
Variable Rate Unsecured Term Loans | Unsecured Debt | Minimum    
Debt Instrument [Line Items]    
Maturity Date [5],[7] 2030-05  
Variable Rate Unsecured Term Loans | Unsecured Debt | SOFR | Maximum    
Debt Instrument [Line Items]    
Interest rate, stated percentage [5],[7] 1.20%  
Variable Rate Unsecured Term Loans | Unsecured Debt | SOFR | Minimum    
Debt Instrument [Line Items]    
Interest rate, stated percentage [5],[7] 1.15%  
Variable Rate Unsecured Term Loans | Unsecured Debt | Fund Portfolio | SOFR | Fund IV    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.20%  
Maturity Date 2028-12  
Variable Rate Unsecured Term Loans | Unsecured Debt | Senior Notes Portfolio    
Debt Instrument [Line Items]    
Long-term debt, gross $ 100,000 100,000
Variable Rate Unsecured Term Loans | Unsecured Debt | Senior Notes Portfolio | Maximum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 5.94%  
Maturity Date 2029-08  
Variable Rate Unsecured Term Loans | Unsecured Debt | Senior Notes Portfolio | Minimum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 5.86%  
Maturity Date 2027-08  
Variable Rate Unsecured Term Loans | Line of Credit | SOFR    
Debt Instrument [Line Items]    
Basis spread on variable rate [5],[6] 1.00%  
Maturity Date [5],[6] 2030-04  
Variable Rate Unsecured Term Loans A-3 | Unsecured Debt    
Debt Instrument [Line Items]    
Maturity Date 2031-04  
Long-term debt, gross $ 137,500 $ 0
Variable Rate Unsecured Term Loans A-3 | Unsecured Debt | SOFR    
Debt Instrument [Line Items]    
Interest rate, stated percentage 1.15%  
[1] As of June 30, 2026 and December 31, 2025, the Company had $1,034.2 million and $1,216.7 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.98% to 4.50%.
[2] Includes $32.2 million of variable-rate debt that is subject to interest cap agreements at each June 30, 2026 and December 31, 2025. The effective fixed rate was 5.00%.
[3] The table does not reflect available extension options. The Company has the option to extend $160.3 million, $48.5 million, and $55.0 million of maturities in 2026, 2027, and 2028, respectively, subject to customary conditions.
[4] In connection with the refinance of the secured mortgage loan related to a Fund II asset during the three months ended June 30, 2026, the Operating Partnership's $20.0 million recourse guarantee of principal payments associated with this mortgage loan was extinguished.
[5] The Company has entered into various swap agreements to effectively fix its interest costs on a portion of the Revolving Credit Facility and term loans as of June 30, 2026 and December 31, 2025 (Note 8).
[6] The total available credit under the Revolving Credit Facility was $481.7 million and $435.5 million at June 30, 2026 and December 31, 2025, respectively. There are no letters of credit outstanding.
[7] The $75.0 Million Term Loan is guaranteed by the Trust and certain subsidiaries of the Trust (Note 9).