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Debt (Tables)
 3 Months Ended
Mar. 31, 2024
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)(7)
Weighted Average
Maturity Date
Maximum Facility SizeMarch 31, 2024December 31, 2023
Mortgage notes & credit facilities:
Unsecured term loan credit facility(2)
S + 1.50%
8/11/2027$1,095,500 $1,095,500 $1,095,500 
Unsecured revolving credit facility(3)
S + 1.55%
8/11/2026569,500 490,214 231,255 
Mortgages(4)
S + 2.46%
11/5/2024N/A400,011 546,005 
Deferred financing costs, net(12,244)(13,172)
Total Mortgage notes & credit facility, net:
$1,973,481 $1,859,588 
Affiliate line of credit
Affiliate line of credit(5)
S + 1.55%
$250,000 200,000 200,000 
Affiliate line of credit, net:
$200,000 $200,000 
Other borrowings
Other borrowings(6)
9.00%8/1/2025N/A153,394 — 
Other borrowings
$153,394 $— 
__________________
(1)The term “S” refers to the relevant floating benchmark rates, which include daily secured overnight financing rate (“SOFR”), 30-day SOFR, one-month euro interbank offered rate (“EURIBOR”), and one-month SONIA as applicable to each loan. As of March 31, 2024, 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 three months ended March 31, 2024 was 6.95% (unhedged) and 5.30% (hedged). As of March 31, 2024, 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 three months ended March 31, 2024 was 6.99% (unhedged) and 6.53% (hedged). As of
March 31, 2024, 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 London interbank offered rate (“LIBOR”)-based rates to certain replacement reference rates. As of March 31, 2024, this reference rate transition has impacted only certain of our mortgages. We have interest rate swaps and caps with an aggregate notional value of $46,712 and $382,870, respectively, as of March 31, 2024, 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 three months ended March 31, 2024 was 7.04%.
(6)Other borrowings is comprised of the FIPA Loan. See Note 4.
(7)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 March 31, 2024:
YearAmount
2024 (remaining)$553,887 
2025153,394 
2026536,338 
20271,095,500 
2028— 
2029— 
Thereafter— 
Total$2,339,119