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Secured Notes Payable, Net (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Secured Notes Payable

Description

Maturity Date(1)

Principal Balance as of September 30, 2025

Principal Balance as of December 31, 2024

Variable Interest Rate

Fixed Interest Rate(2)

Swap Maturity Date

(In thousands)

Consolidated Wholly-Owned Subsidiaries

Fannie Mae loan(3)

N/A

$

—

$

102,400

N/A

N/A

N/A

Term loan(4)

N/A

—

200,000

N/A

N/A

N/A

Fannie Mae loan(5)

N/A

—

550,000

N/A

N/A

N/A

Fannie Mae loan(5)

N/A

—

255,000

N/A

N/A

N/A

Fannie Mae loan(5)

N/A

—

125,000

N/A

N/A

N/A

Term loan(6)(7)

8/15/2026

415,000

415,000

SOFR + 1.20%

N/A

N/A

Term loan(7)

9/19/2026

366,000

366,000

SOFR + 1.25%

N/A

N/A

Term loan(7)

11/1/2026

400,000

400,000

SOFR + 1.25%

N/A

N/A

Term loan(7)

5/18/2028

300,000

300,000

SOFR + 1.51%

2.21%

6/1/2026

Term loan(7)

1/1/2029

300,000

300,000

SOFR + 1.56%

2.66%

1/1/2027

Fannie Mae loan(3)

4/1/2030

127,200

—

N/A

4.99%

N/A

Fannie Mae loans(5)

9/1/2030

941,477

—

N/A

4.80%

N/A

Term loan(8)

3/3/2032

335,000

335,000

N/A

4.57%

N/A

Term loan(4)(7)

7/29/2032

200,000

—

SOFR + 2.00%

5.60%

8/1/2030

Fannie Mae loan(7)(9)

8/1/2033

350,000

350,000

SOFR + 1.37%

3.65%

6/1/2027

Term loan(10)

6/1/2038

26,035

26,739

N/A

4.55%

N/A

Total Wholly-Owned Subsidiary Debt

3,760,712

3,725,139

Consolidated JVs

Term loan(7)(11)

5/15/2027

380,000

450,000

SOFR + 1.45%

N/A

N/A

Term loan(7)(12)

8/19/2028

625,000

625,000

SOFR + 1.45%

N/A

N/A

Term loan(7)(13)

9/14/2028

115,000

—

SOFR + 1.46%

2.19%

10/1/2026

Term loan(7)(14)

12/11/2028

325,000

325,000

SOFR + 2.50%

6.36%

1/5/2028

Term loan(7)(15)

4/26/2029

175,000

175,000

SOFR + 1.25%

3.90%

5/1/2026

Term loan(7)

6/1/2029

160,000

160,000

SOFR + 1.09%

3.25%

7/1/2027

Fannie Mae loan(16)

1/9/2030

61,750

61,750

N/A

6.00%

N/A

Total Consolidated Debt(17)

5,602,462

5,521,889

Unamortized loan premium/discount, net(18)

1,000

2,754

Unamortized deferred loan costs, net(19)

(42,665)

(26,621)

Total Consolidated Debt, net

$

5,560,797

$

5,498,022

_______________________________________________________________________

Except as noted below, our loans: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents.  Certain loans with maturity date extension options require us to meet minimum financial thresholds in order to extend the loan maturity date.

(1)Maturity dates include extension options.

(2)Effective rate as of September 30, 2025. Includes the effect of interest rate swaps (if applicable) and excludes the effect of points and prepaid loan fees, and loan premiums/discounts. See Note 10 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums/discounts.

(3)During March 2025, we closed a $127.2 million term loan and used part of the proceeds to pay off a $102.4 million term loan. We paid upfront points totalling 125 basis points when we closed the loan.

(4)During July 2025, we refinanced a $200.0 million term loan.

(5)During August 2025, we closed eight loans with an aggregate principal amount of $941.5 million. These loans are aggregated in the table for reporting purposes due to their identical terms. We used part of the proceeds from the new loans to pay off three loans with an aggregate principal amount of $930.0 million. We paid upfront points totalling 125 basis points when we closed the loan.

(6)The interest rate swaps related to this loan expired on August 1, 2025.

(7)The loan agreement includes a zero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor.

(8)We modified and extended the loan for seven years, effective March 3, 2025. The loan consists of a $200 million note that bears interest at 4.5%, of which 2.825% is accrued, and a $135 million note that accrues interest at 6.0%. The accrued interest for both notes is due at maturity and is not subject to compounding. See Note 9 regarding the accrued interest on the loan. The weighted average face rate on the principal balance is 5.10%, and the effective rate as a result of the non-compounding is 4.57%. The loan includes a revolving credit facility of $12.5 million, which accrues interest at 5.5%. As of September 30, 2025, there was no balance outstanding on the revolving credit facility.

(9)The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026. $380 million of swaps were previously associated with other debt that we paid off in August 2025. They continue to hedge our remaining floating rate debt. For purposes of this table we have applied $350.0 million to this loan and the remaining $30.0 million has been applied to our pool of floating rate debt.

(10)The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule.

(11)In May 2025, the JV made a $70.0 million loan principal payment to extend the loan for up to two years. The related interest rate swaps expired in April 2025, and in May 2025, the JV purchased an interest rate cap which capped the interest rate at 7.45% until May 2026.

(12)The interest rate swaps related to this loan expired on June 1, 2025.

(13)The loan for a fund that we commenced consolidating on January 1, 2025. See Note 3.

(14)The loan requires monthly payments of principal and interest for twelve months commencing on January 5, 2028 based upon a 25-year principal amortization schedule.

(15)We guaranteed the portion of the loan principal that would need to be paid down in order to meet the minimum debt yield in the loan agreement. See "Guarantees" in Note 16.

(16)The interest rate is fixed at 6% until July 8, 2027 and then increases to 6.25% for the remaining term of the loan.

(17)See Note 13 for our debt fair value disclosures.

(18)Balances are net of accumulated amortization/accretion of $1.2 million and $1.4 million at September 30, 2025 and December 31, 2024, respectively.

(19)Balances are net of accumulated amortization of $54.2 million and $56.9 million at September 30, 2025 and December 31, 2024, respectively.

The table below summarizes our consolidated fixed and floating rate debt. The statistics include the impact of $30.0 million of swaps and $472.0 million of caps that are not assigned to loans in the debt table at the beginning of this footnote.

(In thousands)						Principal Balance as of September 30, 2025						Principal Balance as of December 31, 2024
Aggregate swap-fixed rate loans						$	1,955,000					$	3,130,000
Aggregate fixed rate loans						1,491,462						88,489
Aggregate capped rate loans						1,202,000						822,000
Aggregate floating rate loans						954,000						1,481,400
Total Debt						$	5,602,462					$	5,521,889

The table below summarizes certain consolidated debt statistics as of September 30, 2025. The statistics include the impact of $30.0 million of swaps (maturing June 1, 2027) that are not assigned to loans in the debt table at the beginning of this footnote.

Statistics for consolidated loans with interest fixed under the terms of the loan or a swap
Principal balance (in thousands)			$	3,446,462
Weighted average remaining life (including extension options)			4.8 years
Weighted average remaining fixed interest period			3.3 years
Weighted average annual interest rate			4.32%

Schedule of Minimum Future Principal Payments

At September 30, 2025, the minimum future principal payments due on our consolidated secured notes payable were as follows:

Twelve months ending September 30,						Including Maturity Extension Options(1)
						(In thousands)
2026						$	781,976
2027						781,022
2028						1,041,069
2029						961,119
2030						1,131,598
Thereafter						905,678
Total future principal payments						$	5,602,462

________________________________________________

(1)     Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.

Schedule of Loan Costs and Amortization of Deferred Loan Costs

The table below presents loan premium and loan costs, which are included in Interest expense on our consolidated statements of operations:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)			2025						2024						2025						2024
Loan premium/discount (amortized)/accreted and written off, net			$	85					$	(53)					$	251					$	(282)
Deferred loan costs amortized and written off			3,396						2,396						8,420						6,811
Loan costs expensed			1,068						101						1,590						154
Total			$	4,549					$	2,444					$	10,261					$	6,683

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