Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Summary of Consolidated Indebtedness

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	December 31,			December 31,
	December 31, 2024	December 31, 2024	2024			2023
Mortgages Payable
Core	3.99% - 5.89%	Jul 2027 - Apr 2035	$	180,212		$	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		109,471			115,925
Fund V	SOFR + 1.86% to SOFR + 3.10%	Jan 2025 - Jun 2028		498,779			458,960
Net unamortized debt issuance costs				(5,459	)		(7,313	)
Unamortized premium				212			240
Total Mortgages Payable			$	953,700		$	930,127
Unsecured Notes Payable
Core Term Loans (c)	SOFR+1.50% - SOFR+1.75%	Apr 2028 - Jul 2029	$	475,000		$	650,000
Core Senior Notes	5.86% - 5.94%	Aug 2027 - Aug 2029		100,000			—
Fund V Subscription Line (d)				—			80,600
Net unamortized debt issuance costs				(5,434	)		(3,873	)
Total Unsecured Notes Payable			$	569,566		$	726,727
Unsecured Line of Credit
Revolving Credit Facility (c)	SOFR+1.35%	Apr 2028	$	14,000		$	213,287
Total Debt (e)(f)			$	1,547,947		$	1,881,087
Net unamortized debt issuance costs				(10,893	)		(11,186	)
Unamortized premium				212			240
Total Indebtedness			$	1,537,266		$	1,870,141

a)The Company has a total commitment of $198.0 million on the Fund II property mortgage loan as of both December 31, 2024 and December 31, 2023.

b)Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million at December 31, 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 at December 31, 2024 and 2023 (Note 8).

d)Fund V paid off the subscription line and terminated the outstanding letters of credit during the first quarter of 2024.

e)Includes $852.0 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 1.98% to 4.61%.

f)Includes $111.2 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 December 31, 2024 are as follows (in thousands):

Year Ending December 31,	Principal Repayments
2025	$	477,562
2026		83,698
2027		214,675
2028		595,805
2029		173,291
Thereafter		2,916
		1,547,947
Unamortized premium		212
Net unamortized debt issuance costs		(10,893	)
Total indebtedness	$	1,537,266