v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The Company had the following debt obligations outstanding as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025Interest RateMaturity Date
SECURED DEBT:
Mortgages:
Goodyear, AZ$37,980 $38,610 4.290 %
(1)
August 2031
Long Island City, NY7,655 11,336 3.500 %
(1)
March 2028
Principal balance outstanding45,635 49,946 
Unamortized debt issuance costs(270)(405)
Total mortgages and notes payable, net
$45,365 $49,541 
UNSECURED DEBT:
Term Loan250,000 250,000 
SOFR + 0.850%
(2)
January 2029
Senior Notes due 2028160,000 160,000 6.750 %November 2028
Senior Notes due 2030400,000 400,000 2.700 %September 2030
Senior Notes due 2031400,000 400,000 2.375 %October 2031
Trust Preferred Securities 100,995 100,995 
 Three Month SOFR + 1.96%
(3)
April 2037
Principal balance outstanding$1,310,995 $1,310,995 
Unamortized debt discount(2,080)(2,520)
Unamortized debt issuance costs(6,850)(6,616)
Total unsecured debt, net$1,302,065 $1,301,859 
Total debt obligations$1,347,430 $1,351,400 
(1)    The weighted-average interest rate as of September 30, 2026 and December 31, 2025 was approximately 4.1%.
(2)     In January 2026, the Company amended and restated its credit agreement and extended the maturity of the term loan from January 2027 to January 2029, with two one-year extension options, subject to certain conditions. The amended Term Loan provides an interest rate range of SOFR plus 0.80% to 1.60% based on the current consolidated leverage ratio and credit ratings. Based on the Company's current credit ratings and consolidated leverage ratio, the interest rate spread is 0.85%. In connection with the transaction, the Company deferred direct costs of $1,962 which are being amortized through the maturity date of the term loan and recognized $225 of loss on debt satisfaction in connection with the transaction. As of September 30, 2026, the SOFR portion of the interest rate was swapped for a fixed interest rate of 4.06% per annum until January 31, 2027.
(3)    Interest rate spread contains a 0.26% SOFR adjustment plus a spread of 1.70% through maturity. $82,500 is swapped at an average interest rate of 5.20% from October 30, 2024 to October 30, 2027. As of September 30, 2026, the weighted-average interest rate of the Trust Preferred Securities was 5.314%, which includes the effect of the interest rate swaps.
The Company capitalized $1,298 and $219 of interest expense for the nine months ended September 30, 2026 and 2025, 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. In January 2026, the Company amended and restated its credit agreement and extended the maturity for the revolving credit facility from July 2026 to January 2030 with two six-month or one twelve-month extension option to extend up to January 2031, subject to certain conditions. The interest rate ranges from SOFR plus 0.725% to 1.40% based on the current consolidated leverage ratio and credit ratings. Based on the current consolidated leverage ratio and investment grade ratings, for SOFR borrowing the applicable margin for the credit facility is 0.775%. The revolving credit facility is also subject to a facility fee equal to 0.125% to 0.300% depending on the Company's credit rating and consolidated leverage ratio, of the total commitments under the revolving credit facility. The facility fee is currently 0.15%. In connection with the transaction, the Company deferred direct costs of $5,613 which are being amortized through the maturity date of the revolving credit facility and recognized $74 of loss on debt satisfaction in connection with the transaction. The Company had no outstanding borrowings and $600,000 available as of September 30, 2026. The Company had no borrowings under the revolving credit facility as of December 31, 2025.
As of September 30, 2026, the Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements.
On September 18, 2026, a subsidiary of the Company notified the holders of all outstanding Trust Preferred Securities that upon the closing of the Merger, all such securities would be redeemed for a redemption price of 100% of the aggregate liquidation amount plus any cumulative dividends in arrears, and any accrued and unpaid distributions to but excluding such redemption date.
On October 5, 2026, the Company notified the holders of the Senior Notes due 2028, the Senior Notes due 2030, and the Senior Notes due 2031, that upon the closing of the Merger, all such securities would be redeemed at the redemption price set forth in such notices.