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Note 5 - Indebtedness | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Debt Disclosure [Text Block] | NOTE 5: Indebtedness Unsecured Revolver and Term Loans On January 8, 2025, IROP entered into the Fifth Amended and Restated Credit Agreement (the “Fifth Restated Credit Agreement”), which amended and restated in its entirety the Fourth Amended and Restated Credit Agreement dated as of July 25, 2022. The Fifth Restated Credit Agreement increased the maximum principal amount of the unsecured revolver to $750,000, which represents an increase of $250,000 over the prior credit agreement, extended its maturity date until January 8, 2029 and reduced the margin on our unsecured revolver and existing $200,000 term loan while leaving the terms of our existing $400,000 term loan unchanged. In summary, the Fifth Restated Credit Agreement provides for a $750,000 unsecured revolving credit facility (the “Unsecured Revolver”) with a January 8, 2029 maturity date and two unsecured term loans, specifically: (i) a $200,000 term loan with a May 18, 2026 maturity date and (ii) a $400,000 term loan with a January 28, 2028 maturity date. The Fifth Restated Credit Agreement increases the aggregate amount of borrowings under the credit agreement to $1,350,000 and permits IROP to request an increase in such aggregate amount to up to $2,000,000 subject to certain terms and conditions, including receipt of commitments from one or more lenders, whether or not currently parties to the Fifth Restated Credit Agreement, to provide such increased amounts, which increase may be allocated, at IROP’s option, to the Unsecured Revolver and/or to one or more of the term loans, in accordance with the Fifth Restated Credit Agreement. Refer to our 2024 Annual Report on Form 10-K for additional borrowing terms and financial covenant details. The following tables contain summary information concerning our consolidated indebtedness, as of March 31, 2025:
Consolidated Debt: |  | Outstanding Principal |  |  | Unamortized Debt Issuance Costs |  |  | Unamortized Loan (Discount)/Premiums |  |  | Carrying Amount |  |  | Type |  | Weighted Average Contractual Rate (2) |  |  | Weighted Average Effective Rate (3) |  |  | Weighted Average Maturity (in years) |
Unsecured revolver (1) |  | $ | 197,892 |  |  | $ | (5,618 | ) |  | $ | — |  |  | $ | 192,274 |  |  | Floating |  |  | 5.1 | % |  |  | 4.8 | % |  |  | 3.8 |
Unsecured term loans |  |  | 600,000 |  |  |  | (1,659 | ) |  |  | — |  |  |  | 598,341 |  |  | Floating |  |  | 5.2 | % |  |  | 4.0 | % |  |  | 2.3 |
Secured credit facilities |  |  | 585,635 |  |  |  | (1,798 | ) |  |  | 15,828 |  |  |  | 599,665 |  |  | Fixed |  |  | 4.2 | % |  |  | 4.4 | % |  |  | 3.7 |
Mortgages |  |  | 706,368 |  |  |  | (2,827 | ) |  |  | 11,626 |  |  |  | 715,167 |  |  | Fixed |  |  | 3.8 | % |  |  | 4.0 | % |  |  | 3.6 |
Unsecured notes |  |  | 150,000 |  |  |  | (1,490 | ) |  |  | — |  |  |  | 148,510 |  |  | Fixed |  |  | 5.4 | % |  |  | 5.6 | % |  |  | 8.0 |
Total Consolidated Debt |  | $ | 2,239,895 |  |  | $ | (13,392 | ) |  | $ | 27,454 |  |  | $ | 2,253,957 |  |  |  |  |  | 4.5 | % |  |  | 4.3 | % |  |  | 3.6 |
| (1) | The unsecured revolver total capacity is $750,000, of which $197,892 was outstanding as of March 31, 2025.
| (2) | Represents the weighted average of the contractual interest rates in effect as of the three months ended March 31, 2025, without regard to any interest rate swaps or collars.
| (3) | Represents the weighted average effective interest rates for the three months ended March 31, 2025, including the impact of interest rate swaps and collars, the amortization of hedging costs, and deferred financing costs, but excluding the impact of loan premium amortization, discount accretion, and interest capitalization.
The following table contains summary information concerning our consolidated indebtedness as of March 31, 2025:
|  | Scheduled maturities on our consolidated indebtedness outstanding as of March 31, 2025 |
Consolidated Debt: |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |
Unsecured revolver |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 197,892 |  |  | $ | — |
Unsecured term loans |  |  | — |  |  |  | 200,000 |  |  |  | — |  |  |  | 400,000 |  |  |  | — |  |  |  | — |
Secured credit facilities |  |  | 3,065 |  |  |  | 9,111 |  |  |  | 10,081 |  |  |  | 453,937 |  |  |  | 2,669 |  |  |  | 106,772 |
Mortgages |  |  | 26,549 |  |  |  | 126,482 |  |  |  | 11,281 |  |  |  | 126,019 |  |  |  | 416,037 |  |  |  | — |
Unsecured notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150,000 |
Total |  | $ | 29,614 |  |  | $ | 335,593 |  |  | $ | 21,362 |  |  | $ | 979,956 |  |  | $ | 616,598 |  |  | $ | 256,772 |
The following table contains summary information concerning our consolidated indebtedness, including indebtedness secured by real estate held for sale, as of December 31, 2024:
Consolidated Debt: |  | Outstanding Principal |  |  | Unamortized Debt Issuance Costs |  |  | Unamortized Loan (Discount)/Premiums |  |  | Carrying Amount |  |  | Type |  | Weighted Average Contractual Rate (3) |  |  | Weighted Average Effective Rate (4) |  |  | Weighted Average Maturity (in years) |
Unsecured revolver (1) |  | $ | 194,478 |  |  | $ | (526 | ) |  | $ | — |  |  | $ | 193,952 |  |  | Floating |  |  | 5.5 | % |  |  | 4.8 | % |  |  | 4.0 |
Unsecured term loans |  |  | 600,000 |  |  |  | (1,831 | ) |  |  | — |  |  |  | 598,169 |  |  | Floating |  |  | 5.6 | % |  |  | 4.0 | % |  |  | 2.5 |
Secured credit facilities |  |  | 585,635 |  |  |  | (1,901 | ) |  |  | 17,034 |  |  |  | 600,768 |  |  | Fixed |  |  | 4.2 | % |  |  | 4.4 | % |  |  | 3.9 |
Mortgages (2) |  |  | 780,794 |  |  |  | (3,175 | ) |  |  | 14,687 |  |  |  | 792,306 |  |  | Fixed |  |  | 3.8 | % |  |  | 4.0 | % |  |  | 3.7 |
Unsecured notes |  |  | 150,000 |  |  |  | (1,512 | ) |  |  | — |  |  |  | 148,488 |  |  | Fixed |  |  | 5.4 | % |  |  | 5.6 | % |  |  | 8.3 |
Total Consolidated Debt |  | $ | 2,310,907 |  |  | $ | (8,945 | ) |  | $ | 31,721 |  |  | $ | 2,333,683 |  |  |  |  |  | 4.6 | % |  |  | 4.3 | % |  |  | 3.8 |
| (1) | The unsecured revolver total capacity was $500,000, of which $194,478 was outstanding as of December 31, 2024.
| (2) | Includes indebtedness secured by real estate held for sale of $59,032.
| (3) | Represents the weighted average of the contractual interest rates in effect as of year-end December 31, 2024, without regard to any interest rate swaps or collars.
| (4) | Represents the total weighted average effective interest rates for the full year ended December 31, 2024, after giving effect to all components of interest expense including the impact of interest rate swaps and collars, but excluding the impact of loan premium amortization, discount accretion, and interest capitalization.
As of March 31, 2025, we were in compliance with all financial covenants contained in our consolidated indebtedness.

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