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Debt (Tables)

6 Months Ended

Jun. 30, 2024

A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):


			Carrying Value as of
	Interest Rate as of	Maturity Date as of	June 30,	December 31,
	June 30, 2024	June 30, 2024	2024	2023
Mortgages Payable
Core	3.99% - 5.89%	Jul 2027 - Apr 2035	$181,099	$191,830
Fund II (a)	SOFR+2.61%	Aug 2025	137,485	137,485
Fund III	SOFR+3.75%	Oct 2025	33,000	33,000
Fund IV (b)	SOFR+2.25% - SOFR+3.33%	March 2025 - Jun 2028	109,484	115,925
Fund V	SOFR+1.80% - SOFR+2.85%	Jul 2024 - Jun 2028	500,144	458,960
Net unamortized debt issuance costs			(6,366)	(7,313)
Unamortized premium			223	240
Total Mortgages Payable			$955,069	$930,127

Unsecured Notes Payable
Core Term Loans (c)	SOFR+1.50% - SOFR+1.95%	Apr 2027 - Jul 2029	$650,000	$650,000
Fund V Subscription Line (d)			—	80,600
Net unamortized debt issuance costs			(5,687)	(3,873)
Total Unsecured Notes Payable			$644,313	$726,727

Unsecured Line of Credit
Revolving Credit Facility (c)	SOFR+1.35%	Apr 2028	$96,446	$213,287

Total Debt (e)(f)			$1,707,658	$1,881,087
Net unamortized debt issuance costs			(12,053)	(11,186)
Unamortized premium			223	240
Total Indebtedness			$1,695,828	$1,870,141

(a)

The Company has a total borrowing capacity of $198.0 million on the Fund II mortgage as of both June 30, 2024 and December 31, 2023.

(b)

Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million as of both June 30, 2024 and December 31, 2023.

(c)

The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans as of June 30, 2024 and December 31, 2023.

(d)

Fund V paid off the subscription line and terminated the outstanding letters of credit during the six months ended June 30, 2024.

(e)

Includes $1,188.3 million and $1,249.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.14% to 4.69%.

(f)

Includes $151.2 million and $151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 4.50% to 6.00%.

Scheduled Principal Repayments

The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of June 30, 2024 are as follows (in thousands):


Year Ending December 31,	Principal Repayments
2024 (Remainder)	$	214,585
2025		412,878
2026		56,911
2027		248,828
2028		678,250
Thereafter		96,206
		1,707,658
Unamortized premium		223
Net unamortized debt issuance costs		(12,053	)
Total indebtedness	$	1,695,828