DEBT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Consolidated Debt Obligations

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025		December 31, 2024		Effective Interest Rate		Maturity Date
SECURED DEBT:



$245.0M 5.88% Secured Term Loan due 2028	$	245,000	$	245,000	5.88%		February 2028
$50.0M Construction Loan due 2026 (e)	43,370		32,734		SOFR + 2.50%		August 2026
Principal balance outstanding	288,370		277,734

Less: deferred financing costs	(2,018)		(2,396)
Total Secured indebtedness	$	286,352	$	275,338

UNSECURED DEBT
$600.0M Unsecured Credit Facility	$	—	$	—	SOFR + 1.50%		June 2027	(a)
Term Loan - Swapped to fixed	250,000		250,000		SOFR + 1.70%	(b)	June 2027	(a)
$70.0M Term Loan	—		70,000		SOFR + 2.00%		February 2025	(a)
$450.0M 3.95% Guaranteed Notes due 2027	450,000		450,000		4.03%		November 2027
$350.0M 8.30% Guaranteed Notes due 2028	350,000		350,000		8.48%	(c)	March 2028
$350.0M 4.55% Guaranteed Notes due 2029	350,000		350,000		4.30%		October 2029
$550.0M 8.875% Guaranteed Notes due 2029	550,000		400,000		8.52%		April 2029
Indenture IA (Preferred Trust I)	27,062		27,062		SOFR + 1.51	(d)	March 2035
Indenture IB (Preferred Trust I)	25,774		25,774		SOFR + 1.51	(d)	April 2035
Indenture II (Preferred Trust II)	25,774		25,774		SOFR + 1.51	(d)	July 2035

Principal balance outstanding	2,028,610		1,948,610
Plus: original issue premium (discount), net	$	8,695	$	(544)
Less: deferred financing costs	(11,268)		(10,590)
Total unsecured indebtedness	$	2,026,037	$	1,937,476
Total Debt Obligations	$	2,312,389	$	2,212,814

(a)Spread includes a 10 basis point daily SOFR adjustment.

(b)On November 23, 2022, the $250.0 million unsecured term loan was swapped to a fixed rate. At June 30, 2025, the fixed rate for this instrument was 5.41% and matures on June 30, 2027. The effective date of the swap was January 31, 2023.

(c)During the third quarter of 2023, Moody’s downgraded the Company's senior unsecured credit rating from Baa3 to Ba1. As a result of the downgrade, the interest rate on the Company's 7.55% Guaranteed Notes due 2028 (the "2028 Notes") increased 25 basis points in September 2023 due to the coupon adjustment provisions within the 2028 Notes. During the first quarter of 2024, S&P downgraded the Company's senior unsecured credit rating from BBB- to BB+. As a result of the downgrade, the interest rate on the 2028 Notes increased 25 basis points to 8.05% in March 2024 due to the coupon adjustment provisions within the 2028 Notes. During the second quarter of 2024, Moody's downgraded the Company's senior unsecured credit rating from Ba1 to Ba2. As a result of the downgrade, the interest rate on the 2028 Notes increased 25 basis points to 8.30% in April 2024 due to the coupon adjustment provisions within the 2028 Notes.

(d)On January 16, 2024, the Trust Preferred I Indenture IA was swapped to a fixed rate at 5.14% for the period from March 30, 2024 to December 30, 2026 and Trust Preferred I Indenture IB and Trust Preferred II Indenture II were swapped to a fixed rate at 5.24% for the period from January 30, 2024 to January 30, 2027.

(e)On July 23, 2025, we repaid our construction loan related to 155 King of Prussia Road in Radnor, Pennsylvania.

Schedule of Maturities of Long-term Debt

As of June 30, 2025, the aggregate scheduled principal payments on the Company’s consolidated debt obligations (secured and unsecured) were as follows (in thousands):


2025 (six months remaining)	$	—
2026	43,370
2027	700,000
2028	595,000
2029	900,000
Thereafter	78,610
Total principal payments	2,316,980
Net unamortized premiums/(discounts)	8,695
Net deferred financing costs	(13,286)
Outstanding indebtedness	$	2,312,389