XML 24 R13.htm IDEA: XBRL DOCUMENT v3.26.1
Note 5 - Indebtedness
 6 Months Ended
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.