XML 31 R17.htm IDEA: XBRL DOCUMENT v3.25.3
Borrowings
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
Revolving Credit Facility
INREIT OP has a Revolving Credit Facility with Bank of America, N.A. (“Bank of America”), which was amended on July 25, 2025. The following is a summary of the Revolving Credit Facility:
$ in thousands
Maximum Facility Size(3)
Principal Outstanding Balance
IndebtednessInterest Rate
Maturity Date(2)
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Revolving Credit Facility
S + applicable margin(1)
7/21/2028$250,000 $150,000 $25,000 $— 
(1)The term “S” refers to the relevant floating benchmark rate, SOFR. Borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) SOFR, (ii) SOFR with an interest period of one, three or six-months, or (iii) a Base Rate, where the base rate is the highest of (a) federal funds rate plus 0.5%, (b) the rate of interest as publicly announced by Bank of America as its “prime rate”, (c) SOFR with an interest period of one month plus 1.0%, or (d) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio. The weighted-average interest rate for the three and nine months ended September 30, 2025 was 5.75%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2024 was 7.08% and 7.10%, respectively.
(2)The maturity date presented is the extended maturity date. The amendment extended the maturity date from September 5, 2025 to July 23, 2027 and grants an option to extend the term to July 21, 2028, subject to certain conditions.
(3)With the amendment, the aggregate commitment is $100.0 million with an ability to request increases up to $250.0 million in aggregate commitments. The available borrowing capacity is determined by our unencumbered property borrowing base calculation. As of September 30, 2025, we had $45.0 million of available borrowing capacity. With the amendment, the unused commitment fee was modified to be 0.25% if usage is less than 50.0% and 0.15% if usage is greater than or equal to 50.0% that accrues on the daily amount by which the aggregate commitments exceed the total outstanding balance of the Revolving Credit Facility.
As of September 30, 2025, we were in compliance with all loan covenants in our revolving credit facility agreement.
Mortgage Notes Payable, Net
The following table summarizes certain characteristics of our mortgage notes that are secured by the Company’s properties:
in thousandsPrincipal Balance Outstanding
Indebtedness
Interest Rate(1)
Initial Maturity Date
Extended Maturity Date(5)
Maximum Principal AmountSeptember 30, 2025December 31, 2024
The Carmin
S + 1.75%(2)
3/5/20263/5/2032$84,000 $84,000 $65,500 
Cortlandt Crossing
3.13%
3/1/2027N/A$39,660 39,660 39,660 
Everly Roseland
S + 1.45%(3)
4/28/20274/28/2029$113,500 111,658 111,441 
Midwest Industrial Portfolio
4.44% and S + applicable margin(4)
7/5/2027N/A$70,000 — 70,000 
Total mortgages payable235,318 286,601 
Deferred financing costs, net(692)(1,335)
Mortgage notes payable, net$234,626 $285,266 
(1)The term “S” refers to the relevant floating benchmark rate, SOFR.
(2)In February 2025, we sold a 40% indirect leasehold interest in The Carmin student housing property and refinanced the mortgage note secured by the property. Proceeds from the new secured mortgage note were partially used to repay the existing mortgage. We incurred debt extinguishment charges of approximately $34,000 in connection with the refinancing of the mortgage note. The weighted-average interest rate for the three and nine months ended September 30, 2025 was 6.06% and 6.07%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2024 was 7.09% and 7.08%, respectively.
(3)The weighted-average interest rate for the three and nine months ended September 30, 2025 was 5.77% and 5.89%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2024 was 6.75% and 6.77%, respectively.
(4)In April 2025, we repaid the mortgage note secured by Meridian Business 940, Capital Park 2919, 3101 Agler and Earth City 13330 (collectively the “Midwest Industrial Portfolio”) in connection with our buyout of the joint venture partner. We incurred debt extinguishment charges of $0.5 million from the early repayment of the mortgage note. The mortgage note secured by these properties bore interest at two rates. Of the $70.0 million principal balance, $35.0 million bore interest at a fixed rate of 4.44%, and $35.0 million bore interest at a floating rate of the greater of (a) 2.20% or (b) the sum of 1.70% plus SOFR. The weighted-average interest rate of the combined $70.0 million principal balance for the nine months ended September 30, 2025 was 5.39%. There was no weighted-average interest rate for the three months ended September 30, 2025 as the mortgage note was fully repaid in April 2025. The weighted-average interest rate of the combined $70.0 million principal balance for the three and nine months ended September 30, 2024 was 5.71% and 5.73%, respectively.
(5)We may elect to extend the maturity date upon meeting certain conditions, which may include payment of a non-refundable extension fee.
As of September 30, 2025, we were in compliance with all loan covenants in our mortgage note agreements.
Financing Obligation, Net
In connection with the sale and leaseback of The Carmin property, as of September 30, 2025, we hold a financing obligation on our condensed consolidated balance sheets of $54.0 million, net of debt issuance costs.
The following table presents the future principal payments due under our outstanding borrowings as of September 30, 2025:
in thousands
Year
Revolving Credit Facility(1)
Mortgages Payable(1)
Financing ObligationTotal
2025 (remaining)$— $— $3 $3 
2026— — 12 12 
2027— 39,660 15 39,675 
202825,000 — 18 25,018 
2029— 111,658 21 111,679 
2030— — 25 25 
Thereafter— 84,000 36,245 120,245 
Total$25,000 $235,318 $36,339 $296,657 
(1) Assumes all extension options are exercised for mortgage note agreements and the revolving credit facility that may be extended at our option, subject to certain conditions.