XML 44 R35.htm IDEA: XBRL DOCUMENT

Debt (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025	June 30, 2025	2025	2024
Mortgages Payable
Core	3.99% - 6.05%	Nov 2026 - Apr 2035	$231,301	$180,212
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+2.15% - SOFR+3.33%	Oct 2025 - Jun 2028	109,456	109,471
Fund V	SOFR+2.00% - SOFR+3.10%	Sep 2025 - Jun 2028	499,730	498,779
Net unamortized debt issuance costs			(4,762)	(5,459)
Unamortized premium			1,378	212
Total Mortgages Payable			$1,007,588	$953,700

Unsecured Notes Payable
Core Term Loans (c)	SOFR+1.20% - SOFR+1.75%	Apr 2028 - May 2030	$650,000	$475,000
Core Senior Notes	5.86% - 5.94%	Aug 2027 - Aug 2029	100,000	100,000
Net unamortized debt issuance costs			(6,951)	(5,434)
Total Unsecured Notes Payable			$743,049	$569,566

Unsecured Line of Credit
Revolving Credit (c)	SOFR+1.25%	Apr 2028	$53,500	$14,000

Total Debt (d)(e)			$1,814,472	$1,547,947
Net unamortized debt issuance costs			(11,713)	(10,893)
Unamortized premium			1,378	212
Total Indebtedness			$1,804,137	$1,537,266

(a)

The Company has a total borrowing capacity of $198.0 million on the Fund II property mortgage loan as of both June 30, 2025 and December 31, 2024.

(b)

Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million as of both June 30, 2025 and December 31, 2024.

(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, 2025 and December 31, 2024 (Note 8).

(d)

As of June 30, 2025 and December 31, 2024, the Company had $1,072.8 million and $852.0 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 4.50%.

(e)

Includes $111.2 million at each June 30, 2025 and December 31, 2024, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 5.00% to 6.00%.

Scheduled Principal Repayments

The following table summarizes the scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of June 30, 2025 (in thousands):


Year Ending December 31,	Principal Repayments
2025 (Remainder)	$	288,466
2026		346,940
2027		217,373
2028		610,485
2029		173,292
Thereafter		177,916
		1,814,472
Unamortized premium		1,378
Net unamortized debt issuance costs		(11,713	)
Total indebtedness	$	1,804,137