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v3.26.1

Note 5 - Indebtedness | 6 Months Ended
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Jun. 30, 2026
Notes to Financial Statements |
Debt Disclosure [Text Block] | NOTE 5: Indebtedness Unsecured Revolver and Term Loans On February 11, 2026, IROP entered into the Sixth Amended and Restated Credit Agreement (the “Sixth Restated Credit Agreement”) by and among IROP, as borrower, IRT as parent guarantor, KeyBank National Association, as administrative agent, and the other agents and lender parties thereto, which amended and restated in its entirety the Fifth Amended and Restated Credit agreement dated as of January 8, 2025 (the “Fifth Restated Credit Agreement”). The Fifth Restated Credit Agreement provided for a $750,000 unsecured revolving credit facility (the “Unsecured Revolver”) with a January 8, 2029 scheduled maturity date and two unsecured term loans, specifically: (i) a $200,000 term loan with a May 18, 2026 maturity date (the “2026 Term Loan”) and (ii) a $400,000 term loan with a January 28, 2028 maturity date (the “2028 Term Loan”). The Sixth Restated Credit Agreement provides for a new $350,000 unsecured term loan with a maturity date of February 11, 2030, subject to a one year extension option (the “2030 Term Loan”). A portion of the proceeds from the 2030 Term Loan were used to pay off outstanding borrowings under the 2026 Term Loan. The Sixth Restated Credit Agreement increased the aggregate amount of borrowings under the credit agreement to $1,500,000 and permits IROP to request the capacity be further increased 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 Sixth 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 Sixth Restated Credit Agreement. Refer to our 2025 Annual Report for additional borrowing terms and financial covenant details. The following tables contain summary information concerning our consolidated indebtedness as of June 30, 2026:
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) |  | $ | 269,372 |  |  | $ | (3,809 | ) |  | $ | — |  |  | $ | 265,563 |  |  | Floating |  |  | 4.4 | % |  |  | 4.8 | % |  |  | 2.5 |
Unsecured term loans |  |  | 750,000 |  |  |  | (3,579 | ) |  |  | — |  |  |  | 746,421 |  |  | Floating |  |  | 4.5 | % |  |  | 4.0 | % |  |  | 2.5 |
Secured credit facilities |  |  | 577,953 |  |  |  | (1,303 | ) |  |  | 9,684 |  |  |  | 586,334 |  |  | Fixed |  |  | 4.2 | % |  |  | 4.4 | % |  |  | 2.4 |
Mortgages |  |  | 690,224 |  |  |  | (2,310 | ) |  |  | 8,129 |  |  |  | 696,043 |  |  | Fixed |  |  | 3.9 | % |  |  | 4.0 | % |  |  | 3.0 |
Unsecured notes |  |  | 150,000 |  |  |  | (978 | ) |  |  | — |  |  |  | 149,022 |  |  | Fixed |  |  | 5.4 | % |  |  | 5.6 | % |  |  | 6.8 |
Total Consolidated Debt |  | $ | 2,437,549 |  |  | $ | (11,979 | ) |  | $ | 17,813 |  |  | $ | 2,443,383 |  |  |  |  |  | 4.3 | % |  |  | 4.3 | % |  |  | 2.9 |
| (1) | The unsecured revolver total capacity is $750,000, of which $269,372 was drawn as of June 30, 2026.
| (2) | Represents the weighted average of the contractual interest rates in effect as of June 30, 2026, without regard to any interest rate swaps or collars.
| (3) | Represents the weighted average effective interest rates for the three months ended June 30, 2026, 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.
|  | Scheduled maturities on our consolidated indebtedness outstanding as of June 30, 2026 |
Consolidated Debt: |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | 2030 |  |  | Thereafter |
Unsecured revolver |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 269,372 |  |  | $ | — |  |  | $ | — |
Unsecured term loans |  |  | — |  |  |  | — |  |  |  | 400,000 |  |  |  | — |  |  |  | 350,000 |  |  |  | — |
Secured credit facilities |  |  | 5,293 |  |  |  | 10,081 |  |  |  | 453,353 |  |  |  | 2,669 |  |  |  | 106,557 |  |  |  | — |
Mortgages |  |  | 78,263 |  |  |  | 11,281 |  |  |  | 125,842 |  |  |  | 415,336 |  |  |  | — |  |  |  | 59,502 |
Unsecured notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150,000 |
Total |  | $ | 83,556 |  |  | $ | 21,362 |  |  | $ | 979,195 |  |  | $ | 687,377 |  |  | $ | 456,557 |  |  | $ | 209,502 |
The following table contains summary information concerning our consolidated indebtedness as of December 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) |  | $ | 198,892 |  |  | $ | (4,535 | ) |  | $ | — |  |  | $ | 194,357 |  |  | Floating |  |  | 4.5 | % |  |  | 4.8 | % |  |  | 3.0 |
Unsecured term loans |  |  | 600,000 |  |  |  | (1,142 | ) |  |  | — |  |  |  | 598,858 |  |  | Floating |  |  | 4.6 | % |  |  | 4.0 | % |  |  | 1.5 |
Secured credit facilities |  |  | 582,535 |  |  |  | (1,525 | ) |  |  | 12,157 |  |  |  | 593,167 |  |  | Fixed |  |  | 4.2 | % |  |  | 4.4 | % |  |  | 2.9 |
Mortgages |  |  | 739,596 |  |  |  | (2,741 | ) |  |  | 9,693 |  |  |  | 746,548 |  |  | Fixed |  |  | 3.9 | % |  |  | 4.0 | % |  |  | 3.3 |
Unsecured notes |  |  | 150,000 |  |  |  | (1,455 | ) |  |  | — |  |  |  | 148,545 |  |  | Fixed |  |  | 5.4 | % |  |  | 5.6 | % |  |  | 7.3 |
Total Consolidated Debt |  | $ | 2,271,023 |  |  | $ | (11,398 | ) |  | $ | 21,850 |  |  | $ | 2,281,475 |  |  |  |  |  | 4.3 | % |  |  | 4.3 | % |  |  | 3.0 |
| (1) | The unsecured revolver total capacity was $750,000, of which $198,892 was drawn as of December 31, 2025.
| (2) | Represents the weighted average of the contractual interest rates in effect as of year-end December 31, 2025, without regard to any interest rate swaps or collars.
| (3) | Represents the total weighted average effective interest rate for the three months ended December 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.
As of June 30, 2026, we were in compliance with all financial covenants contained in our consolidated indebtedness.

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