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v3.25.1

Debt | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes the components of the Company’s indebtedness as of March 31, 2025 and December 31, 2024 (dollars in thousands):
|  | March 31, 2025 |  | December 31, 2024 |  | Margin Above SOFR |  | Interest Rate 1 |  | Contractual Maturity Date
Unsecured Debt: |  |  |  |  |  |  |  |  |  |
Credit Facility |  | $ | — |  |  | $ | 82,000 |  |  | 1.1% 2 |  | — | % |  | 1/15/2029
5-Year Term Loan |  | 100,000 |  |  | 100,000 |  |  | 1.3% 2 |  | 5.6 | % |  | 1/15/2027
5-Year Term Loan |  | 100,000 |  |  | 100,000 |  |  | 1.3% 2 |  | 5.6 | % |  | 1/15/2028
$50M 10-Year Unsecured 3 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 4.0 | % |  | 7/7/2026
$50M 12-Year Unsecured 3 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 4.7 | % |  | 10/31/2027
$100M 7-Year Unsecured 3 |  | 100,000 |  |  | 100,000 |  |  | n/a |  | 2.4 | % |  | 7/15/2028
$100M 10-Year Unsecured 3 |  | 100,000 |  |  | 100,000 |  |  | n/a |  | 3.1 | % |  | 12/3/2029
$125M 9-Year Unsecured 3 |  | 125,000 |  |  | 125,000 |  |  | n/a |  | 2.4 | % |  | 8/17/2030
$50M 10-Year Unsecured 3 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 2.8 | % |  | 7/15/2031
Total Unsecured Debt |  | 675,000 |  |  | 757,000 |  |  |  |  |  |  |
Secured Debt: |  |  |  |  |  |  |  |  |  |
280 Richards Street |  | 72,879 |  |  | 72,879 |  |  | n/a |  | 3.9 | % |  | 3/1/2028
Total Secured Debt |  | 72,879 |  |  | 72,879 |  |  |  |  |  |  |
Total Unsecured and Secured Debt |  | 747,879 |  |  | 829,879 |  |  |  |  |  |  |
Less: Unamortized fair value adjustment and debt issuance costs |  | (5,967) |  |  | (6,442) |  |  |  |  |  |  |
Total |  | $ | 741,912 |  |  | $ | 823,437 |  |  |  |  |  |  |
1 Reflects the contractual interest rate under the terms of each loan as of March 31, 2025. Excludes the effects of unamortized debt issuance costs. 2 The interest rates on these loans are the Secured Overnight Financing Rate (“SOFR”) plus a SOFR margin. The SOFR margins will range from 1.10% to 1.55% (1.10% as of March 31, 2025) for the revolving credit facility and 1.25% to 1.75% (1.25% as of March 31, 2025) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment. 3 Collectively, the “Senior Unsecured Notes”. The Company’s Sixth Amended and Restated Senior Credit Agreement (as amended, the “Amended Facility”) consists of a $600.0 million revolving credit facility that matures in January 2029, a $100.0 million term loan that matures in January 2027 and a $100.0 million term loan that matures in January 2028. As of March 31, 2025, there were no borrowings outstanding on the revolving credit facility and $200.0 million of borrowings outstanding on the term loans. As of December 31, 2024, there were $82.0 million of borrowings outstanding on the revolving credit facility and $200.0 million of borrowings outstanding on the term loans. The aggregate amount of the Amended Facility may be increased by up to an additional $450.0 million to a maximum aggregate amount not to exceed $1.25 billion, subject to the approval of the administrative agent and the identification of lenders willing to make available additional amounts. Outstanding borrowings under the Amended Facility are limited to the lesser of (i) the sum of the $600.0 million revolving credit facility, the $100.0 million term loan maturing in January 2027 and the $100.0 million term loan maturing in January 2028, or (ii) 60.0% of the value of the unencumbered properties. Interest on the Amended Facility, including the term loans, is generally to be paid based upon, at the Company’s option, either (i) SOFR plus the applicable SOFR margin or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, 0.50% above the federal funds effective rate, thirty-day SOFR plus the applicable SOFR margin for SOFR rate loans under the Amended Facility plus 1.25%, or 1.25% per annum. The applicable SOFR margin will range from 1.10% to 1.55% (1.10% as of March 31, 2025) for the revolving credit facility and 1.25% to 1.75% (1.25% as of March 31, 2025) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment. The Amended Facility requires quarterly payments of an annual facility fee in an amount ranging from 0.15% to 0.30%, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value. The Amended Facility and the Senior Unsecured Notes are guaranteed by the Company and by substantially all of the current and to-be-formed subsidiaries of the Company that own an unencumbered property. The Amended Facility and the Senior Unsecured Notes are not secured by the Company’s properties or by interests in the subsidiaries that hold such properties. The Amended Facility and the Senior Unsecured Notes include a series of financial and other covenants with which the Company must comply. The Company was in compliance with the covenants under the Amended Facility and the Senior Unsecured Notes as of March 31, 2025 and December 31, 2024. As of March 31, 2025, the Company had one mortgage loan payable totaling approximately $69.4 million, net of deferred financing costs of $0.2 million and unamortized fair value adjustment of approximately $3.3 million, which bore interest at a weighted average fixed annual rate of 3.9%. The mortgage loan payable is collateralized by one property, is non-recourse and requires monthly interest payments until it matures in March 2028. As of December 31, 2024, the Company had one mortgage loan payable totaling approximately $69.1 million, net of deferred financing costs of $0.2 million and unamortized fair value adjustment of approximately $3.6 million. The scheduled principal payments of the Company’s debt as of March 31, 2025 were as follows (dollars in thousands):
| Credit Facility |  | Term Loan |  | Senior Unsecured Notes |  | Mortgage Loan Payable |  | Total Debt
2025 (9 months) | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
2026 | — |  | — |  | 50,000 |  | — |  | 50,000
2027 | — |  | 100,000 |  | 50,000 |  | — |  | 150,000
2028 | — |  | 100,000 |  | 100,000 |  | 72,879 |  | 272,879
2029 | — |  | — |  | 100,000 |  | — |  | 100,000
Thereafter | — |  | — |  | 175,000 |  | — |  | 175,000
Subtotal | — |  | 200,000 |  | 475,000 |  | 72,879 |  | 747,879
Unamortized fair value adjustment | — |  | — |  | — |  | (3,306) |  | (3,306)
Total Debt | — |  | 200,000 |  | 475,000 |  | 69,573 |  | 744,573
Deferred financing costs, net | — |  | (561) |  | (1,930) |  | (170) |  | (2,661)
Total Debt, net | $ | — |  | $ | 199,439 |  | $ | 473,070 |  | $ | 69,403 |  | $ | 741,912
Weighted average interest rate | n/a |  | 5.6% |  | 3.0% |  | 3.9% |  | 3.8%

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