XML 60 R45.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Schedule of maturities of long-term debt

The following is a summary of principal maturities of debt outstanding, including mortgage loans, the revolving credit facility and the term loans, as of December 31, 2024:

​

​

​

​

Year ending December 31, 

    

Amount

​

​

(In thousands)

2025

​

$

312,370

2026

​

 

312,483

2027

​

 

424,814

2028

​

 

609,566

2029

​

 

376,087

Thereafter

​

 

553,413

Total

​

$

2,588,733

​

Mortgages  
Debt Instrument [Line Items]  
Summary of debt

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

​

​

​

​

Effective

​

December 31, 

​

   

Interest Rate (1)

  

2024

   

2023

​

​

​

​

(In thousands)

Variable rate (2)

 

5.58%

​

$

587,254

​

$

608,582

Fixed rate (3)

 

4.79%

​

 

1,196,479

​

 

1,189,643

Mortgage loans

​

​

​

 

1,783,733

​

 

1,798,225

Unamortized deferred financing costs and premium / discount, net

​

​

​

 

(16,560)

​

 

(15,211)

Mortgage loans, net

​

​

​

$

1,767,173

​

$

1,783,014

(1)Weighted average effective interest rate as of December 31, 2024.
(2)Includes variable rate mortgage loans with interest rate cap agreements. For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.36%, and the weighted average maturity date of the interest rate caps is the first quarter of 2026. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of December 31, 2024, one-month term Secured Overnight Financing Rate ("SOFR") was 4.33% and the 30-day average SOFR was 4.53%.
(3)Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements.
Line of credit  
Debt Instrument [Line Items]  
Summary of debt

​

​

​

​

​

​

​

​

​

​

​

​

Effective

​

December 31, 

​

    

Interest Rate (1)

​

2024

    

2023

​

​

​

​

(In thousands)

Revolving credit facility (2) (3)

 

5.98%

​

$

85,000

​

$

62,000

​

​

​

​

​

​

​

​

​

Tranche A-1 Term Loan (4)

 

5.34%

​

$

200,000

​

$

200,000

Tranche A-2 Term Loan (5)

 

4.20%

​

 

400,000

​

 

400,000

2023 Term Loan (6)

​

5.41%

​

​

120,000

​

​

120,000

Term loans

 

  

​

 

720,000

​

 

720,000

Unamortized deferred financing costs, net

 

  

​

 

(2,147)

​

 

(2,828)

Term loans, net

 

  

​

$

717,853

​

$

717,172

(1)Effective interest rate as of December 31, 2024. The interest rate for the revolving credit facility excludes a 0.20% and 0.15% facility fee as of December 31, 2024 and 2023.
(2)As of December 31, 2024, daily SOFR was 4.49%. As of December 31, 2024 and 2023, letters of credit with an aggregate face amount of $15.2 million and $467,000 were outstanding under our revolving credit facility.
(3)As of December 31, 2024 and 2023, excludes $7.3 million and $10.2 million of net of deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our consolidated balance sheets.
(4)As of December 31, 2024, the interest rate swaps fixed SOFR at a weighted average interest rate of 4.00% through the extended maturity date of January 2027.
(5)As of December 31, 2024, the interest rate swaps fixed SOFR at a weighted average interest rate of 2.81% through the maturity date.
(6)As of December 31, 2024, the interest rate swap fixed SOFR at an interest rate of 4.01% through the maturity date.