v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt consists of mortgages payable, unsecured term loans, senior notes, an unsecured revolving credit facility, and a finance lease liability. The Company believes it has the ability to repay, refinance, or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs. The Company intends to use cash on hand, available capacity on credit agreements, if any, and proceeds from property sales, to repay, refinance, or extend the mortgages payable maturing in the near term.
The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions, and distribution limitations. As of June 30, 2026 and December 31, 2025, the Company was in compliance with all loan covenants.
Credit Agreements
The Company has a $500 million revolving credit facility (the "Revolving Credit Facility"). The Revolving Credit Facility is scheduled to mature on January 15, 2029, with one 6-month extension option. On August 25, 2025, the Company entered into an amendment to the Revolving Credit Facility, which modified the applicable interest rate thereunder by removing the credit spread adjustment to SOFR, in addition to other modifications. As of June 30, 2026, the Company had available liquidity of $425 million under the Revolving Credit Facility.
On August 25, 2025, the Company entered into an amendment (the "Term Loan Amendment") to its $400 million Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity dates of each tranche. The Amended Term Loan Agreement consists of a $200 million 5-year tranche maturing on August 26, 2030, and a $200 million 5.5-year tranche maturing February 24, 2031. The Term Loan Amendment also modified the interest rates, with each tranche bearing interest at a rate equal to, at the Company's option, term SOFR, daily simple SOFR or the adjusted base rate (with no credit spread adjustment) plus a margin ranging from 115 to 160 basis points (in the case of SOFR loans) and 15 to 60 basis points (in the case of base rate loans), in each case, based on the Company's leverage ratio.
Senior Notes
The Company issued $250 million aggregate principal amount of senior notes in a private placement, of which (i) $150 million are designated as 5.07% senior notes, Series A, due August 11, 2029 and (ii) $100 million are designated as 5.20% senior notes, Series B, due August 11, 2032 (collectively, the "2022 Notes"). The 2022 Notes were issued at par and pay interest semiannually on February 11th and August 11th until their respective maturities. The 2022 Notes are required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain primary credit facilities of the Company. Currently, there are no subsidiary guarantees of the 2022 Notes.
On June 29, 2026, the Company issued $250 million aggregate principal amount of senior notes in a private placement, of which (i) $50 million are designated as 5.09% senior notes, Series A, due June 29, 2029, (ii) $100 million are designated as 5.32% senior notes, Series B, due June 29, 2031, and (iii) $100 million are designated as 5.60% senior notes, Series C, due June 29, 2033 (collectively, the "2026 Notes") pursuant to a note purchase agreement, dated April 16, 2026, between the Company and the various purchasers named therein. The 2026 Notes were issued at par and pay interest semiannually on June 29th and December 29th until their respective maturities. The 2026 Notes are required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain primary credit facilities of the Company. Currently, there are no subsidiary guarantees of the 2026 Notes.
Finance Lease Liability
On June 10, 2025, in connection with its acquisition of West Ashley Station, the Company assumed a ground lease and recognized a related finance lease liability of $10,973. As of June 30, 2026, the balance of the finance lease liability was $11,184. See "Note 11. Commitments and Contingencies".
The following table summarizes the Company's debt as of June 30, 2026 and December 31, 2025:
As of June 30, 2026
As of December 31, 2025
MaturityRate TypeInterest RateAmountInterest RateAmount
Mortgages Payable
Total mortgages payableVariousFixed
4.28% (a)
$117,222 
4.28% (a)
$117,605 
Term Loan
$200.0 million 5 year
Aug-30Fixed
2.66% (b)
100,000 
2.66% (b)
100,000 
$200.0 million 5 year
Aug-30Fixed
2.66% (b)
100,000 
2.66% (b)
100,000 
$200.0 million 5.5 year
Feb-31Fixed
2.63% (c)
50,000 
2.63% (c)
50,000 
$200.0 million 5.5 year
Feb-31Fixed
2.69% (c)
50,000 
2.69% (c)
50,000 
$200.0 million 5.5 year
Feb-31Fixed
4.84% (c)
100,000 
4.84% (c)
100,000 
Total400,000 400,000 
Senior Notes
2022 Senior Notes
$150.0 million Series A Notes
Aug-29Fixed
5.07%
150,000 5.07%150,000 
$100.0 million Series B Notes
Aug-32Fixed
5.20%
100,000 5.20%100,000 
2026 Senior Notes
$50.0 million Series A Notes
Jun-29Fixed
5.09%
50,000 N/A— 
$100.0 million Series B Notes
Jun-31Fixed
5.32%
100,000 N/A— 
$100.0 million Series C Notes
Jun-33Fixed
5.60%
100,000 N/A— 
Total500,000 250,000 
Revolving Credit Facility
$500.0 million total capacity
Jan-29Variable
1M SOFR +
 1.05% (d)(e)
75,000 
1M SOFR +
1.05% (d)(e)
55,000 
Total secured and unsecured debt4.36%1,092,222 4.04%822,605 
Finance Lease Liability
West Ashley Station Ground LeaseJan-92N/AN/A11,184 N/A11,082 
Debt discounts and financing costs, net(8,610)(7,806)
Debt, net$1,094,796 $825,881 
(a)Interest rates reflect the weighted average of the Company's mortgages payable.
(b)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on September 22, 2026, at which point the fixed interest rate will become 4.50%.
(c)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on March 22, 2027, at which point the weighted average fixed interest rate will become 4.58%.
(d)As of June 30, 2026 and December 31, 2025, 1-Month Term SOFR was 3.65% and 3.69%, respectively.
(e)Interest rate applies to drawn balance only. An additional annual facility fee of 0.15% applies to entire Revolving Credit Facility capacity.
The following table summarizes the scheduled payments and maturities of the Company's debt as of June 30, 2026:
Scheduled maturities by year:Mortgage PaymentsMortgage MaturitiesTerm Loan &
Senior Notes		Revolving
Credit Facility		Total
Remaining 2026$390 $— $— $— $390 
2027810 26,000 — — 26,810 
2028495 21,321 — — 21,816 
2029449 61,750 200,000 75,000 337,199 
2030154 5,853 200,000 — 206,007 
Thereafter— — 500,000 — 500,000 
Total$2,298 $114,924 $900,000 $75,000 $1,092,222 
Finance lease liability11,184 
Debt discounts and financing costs, net(8,610)
Total Debt, net$1,094,796