Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Mortgage Notes, Credit Facilities and Related Party Note Payable

The following table details the mortgage notes, credit facilities and related party note payable of the Company:

					Principal Balance Outstanding
Indebtedness	Weighted Average Interest Rate(1)(6)	Weighted Average Maturity Date	Maximum Facility Size		December 31, 2023		December 31, 2022
Mortgage notes & credit facilities:
Unsecured term loan credit facility(2)	S + 1.65%	8/11/2027	$	1,095,500	$	1,095,500	$	953,000
Unsecured revolving credit facility(3)	S + 1.67%	8/11/2026	$	569,500	231,255		316,000
Mortgages(4)	S + 2.59%	10/22/2024	N/A		546,005		519,522
Discount on assumed debt					—		(407)
Deferred financing costs, net					(13,172)		(11,178)
Total Mortgage notes & credit facility, net:					$	1,859,588	$	1,776,937
Affiliate line of credit
Affiliate line of credit(5)	S + 1.70%	6/30/2024	$	250,000	200,000		250,000
Affiliate line of credit, net:					$	200,000	$	250,000

__________________

(1)The term “S” refers to the relevant floating benchmark rates, which include 30-day SOFR, three-month SOFR, one-month EURIBOR, and one-month SONIA as applicable to each loan. As of December 31, 2023, we have outstanding interest rate swaps and interest rate caps that mitigate our exposure to potential future interest rate increases under our floating-rate debt. See further discussion of outstanding interest rate swaps and caps below.

(2)The unsecured term loan credit facility bears interest at a base rate plus a margin ranging from 0.25% to 1.85%. The base rate is the greater of (a) Keybank N.A.’s announced prime rate, (b) 0.5% above the federal funds effective rate, (c) SOFR plus 0.10%, and (d) 1.0%. The weighted average interest rate for the unsecured term loan credit facility for the year ended December 31, 2023 was 6.90% (unhedged) and 5.59% (hedged). As of December 31, 2023, we have outstanding interest rate swaps with aggregate notional values of $700,000, $250,000 and $145,500 that are structured such that the SOFR rates result in fixed rates of 3.65%, 3.42%, and 4.23%, respectively.

(3)The unsecured revolving credit facility bears interest at a base rate plus a margin ranging from 0.30% to 1.90%. The base rate is the greater of (a) Keybank N.A.’s announced prime rate, (b) 0.5% above the federal funds effective rate, (c) SOFR plus 0.10%, and (d) 1.0%. The weighted average interest rate for the unsecured revolving credit facility for the year ended December 31, 2023 was 6.48% (unhedged) and 6.48% (hedged). As of December 31, 2023, we have an outstanding interest rate swap with an aggregate notional value of $100,000 that is structured such that the SOFR rate results in a fixed rate of 3.67%.

(4)In March 2023, certain of our mortgages were amended to transition certain LIBOR-based rates to certain replacement reference rates. As of December 31, 2023, this reference rate transition has impacted only certain of our mortgages. We have interest rate swaps and caps with an aggregate notional value of $46,585 and $519,000 respectively as of December 31, 2023, that are structured such that the variable rates result in a fixed rate of 3.74% and a capped rate of 3.00%, respectively.

(5)The affiliate note payable bears interest at a base rate plus a margin ranging from 0.30% to 1.90%. The base rate is the greater of (a) Keybank N.A.’s announced prime rate, (b) 0.5% above the federal funds effective rate, (c) SOFR plus 0.10%, and (d) 1.0%. The weighted average interest rate for the affiliate note payable for the year ended December 31, 2023 was 6.97%.

(6)The Company’s mortgage and notes payable contain yield or spread maintenance provisions.

Schedule of Future Principal Payments

The following table details the future principal payments due under the Company’s outstanding third-party borrowings as of December 31, 2023:

Year	Amount
2024	$	499,420
2025	–
2026	277,840
2027	1,095,500
2028	—
Thereafter	—
Total	$	1,872,760