Debt (Tables)

3 Months Ended

Mar. 31, 2025

Mortgages

Debt Instrument [Line Items]

Summary of debt

	Weighted Average
	Effective
	Interest Rate (1)	March 31, 2025		December 31, 2024
		(In thousands)
Variable rate (2)	5.55%	$	535,457	$	587,254
Fixed rate (3)	5.13%		1,107,376		1,196,479
Mortgage loans			1,642,833		1,783,733
Unamortized deferred financing costs and premium / discount, net			(16,130)		(16,560)
Mortgage loans, net		$	1,626,703	$	1,767,173

(1) Weighted average effective interest rate as of March 31, 2025.

(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 3.11%, and the weighted average maturity date of the interest rate caps is in the first quarter of 2026. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of March 31, 2025, one-month term Secured Overnight Financing Rate ("SOFR") was 4.32%.

(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
	Interest Rate (1)	March 31, 2025		December 31, 2024
		(In thousands)
Revolving credit facility (2) (3)	5.90%	$	162,000	$	85,000
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			(1,945)		(2,147)
Term loans, net		$	718,055	$	717,853

(1) Effective interest rate as of March 31, 2025. The interest rate for our revolving credit facility excludes a 0.20% facility fee.

(2) As of March 31, 2025, daily SOFR was 4.41%. As of March 31, 2025 and December 31, 2024, letters of credit with an aggregate face amount of $15.2 million were outstanding under our revolving credit facility. On April 1, 2025, the $15.2 million letter of credit was cancelled.

(3) As of March 31, 2025 and December 31, 2024, excludes $6.6 million and $7.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets.

(4) The interest rate swaps fix SOFR at a weighted average interest rate of 4.00% through the extended maturity date of January 2027.

(5) The interest rate swaps fix SOFR at a weighted average interest rate of 2.81% through the maturity date.

(6) The interest rate swap fixes SOFR at an interest rate of 4.01% through the maturity date.