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Debt | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Debt | 7. Debt A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):
|  |  |  |  | Carrying Value as of
|  | Interest Rate as of | Maturity Date as of |  | March 31, |  | December 31,
|  | March 31, 2024 |  | March 31, 2024 |  | 2024 |  | 2023
Mortgages Payable |  |  |  |  |  |  |  |
Core |  | 3.99% - 5.89% |  | Jan 2025 - Apr 2035 |  | $184,035 |  | $191,830
Fund II (a) |  | SOFR+2.61% |  | Aug 2025 |  | 137,485 |  | 137,485
Fund III |  | SOFR+3.75% |  | Oct 2025 |  | 33,000 |  | 33,000
Fund IV (b) |  | SOFR+2.25% - SOFR+3.33% |  | March 2025 - Jun 2028 |  | 115,896 |  | 115,925
Fund V |  | SOFR+1.80% - SOFR+2.85% |  | Jul 2024 - Jun 2028 |  | 499,360 |  | 458,960
Net unamortized debt issuance costs |  |  |  |  |  | (7,536) |  | (7,313)
Unamortized premium |  |  |  |  |  | 228 |  | 240
Total Mortgages Payable |  |  |  |  |  | $962,468 |  | $930,127
Unsecured Notes Payable |  |  |  |  |  |  |  |
Core Term Loans (c) |  | SOFR+1.60% - SOFR+1.95% |  | Jun 2026 - Jul 2029 |  | $650,000 |  | $650,000
Fund V Subscription Line (d) |  |  |  |  |  | — |  | 80,600
Net unamortized debt issuance costs |  |  |  |  |  | (3,476) |  | (3,873)
Total Unsecured Notes Payable |  |  |  |  |  | $646,524 |  | $726,727
Unsecured Line of Credit |  |  |  |  |  |  |  |
Revolving Credit Facility (c) |  | SOFR+1.45% |  | Jun 2025 |  | $114,687 |  | $213,287
Total Debt (e)(f) |  |  |  |  |  | $1,734,463 |  | $1,881,087
Net unamortized debt issuance costs |  |  |  |  |  | (11,012) |  | (11,186)
Unamortized premium |  |  |  |  |  | 228 |  | 240
Total Indebtedness |  |  |  |  |  | $1,723,679 |  | $1,870,141
(a) The Company has a total borrowing capacity of $198.0 million on th e Fund II mortgage as of both March 31, 2024 and December 31, 2023. (b) Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million as of both March 31, 2024 and December 31, 2023. (c) The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans as of March 31, 2024 and December 31, 2023. (d) Fund V paid off the subscription line and terminated the outstanding letters of credit during the three months ended March 31, 2024. (e) Includes $1,207.6 million and $1,249.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.14% to 4.69%. (f) Includes $151.3 mi llion and $151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 4.50% to 6.00%. Unsecured Debt Credit Facility The Operating Partnership has a $700.0 million senior unsecured credit facility, as amended (the “Credit Facility”), with Bank of America, N.A. as administrative agent, comprised of a $300.0 million senior unsecured revolving credit facility (the “Revolver”) which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, and a $400.0 million senior unsecured term loan (the “Term Loan”) which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating. The Credit Facility provides for an accordion feature, which allows for one or more increases in the revolving credit facility or term loan facility, for a maximum aggregate principal amount not to exceed $900.0 million. The Credit Facility is guaranteed by the Trust and certain subsidiaries of the Trust (Note 9). In April 2024, the Company amended the existing Credit Facility (Note 16). Revolving Credit Facility As of March 31, 2024, the Revolver bears interest at SOFR + 1.45% and matures on June 29, 2025, subject to two six-month extension options. The outstanding balance and total available credit of the Revolver was $114.7 million and $185.3 million, respectively, as of March 31, 2024, reflecting no letters of credit outstanding. The outstanding balance and total available credit of the Revolver was $213.3 million and $86.7 million, respectively, as of December 31, 2023, reflecting no letters of credit outstanding. Core Term Loans As of March 31, 2024, the Term Loan bears in terest at SOFR + 1.60% and matures on June 29, 2026. The Operating Partnership has a $175.0 million term loan facility (the “$175.0 Million Term Loan”), with Bank of America, N.A. as administrative agent, which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, matures on April 6, 2027, and is guaranteed by the Trust and certain subsidiaries of the Trust (Note 9). As of March 31, 2024, the $175.0 Million Term Loan bears interest at SOFR + 1.60%. The Operating Partnership has a $75.0 million term loan (the “$75.0 Million Term Loan”), with TD Bank, N.A. as administrative agent, which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, matures on July 29, 2029, and is guaranteed by the Trust and certain subsidiaries of the Trust (Note 9). As of March 31, 2024, the $75.0 Million Term Loan bears interest at SOFR + 1.95%. Mortgages and Other Notes Payable During the three months ended March 31, 2024, the Company (amounts represent balances at the time of transactions): • repaid a Core mortgage totaling $7.3 million at maturity; • entered into a new Fund mortgage of $43.4 million; • extended two Fund mortgages totaling $67.7 million; and • made scheduled principal payments totaling $1.8 million. A portion of the Company’s variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions (Note 8). As of both March 31, 2024 and December 31, 2023, the Company’s mortgages were collateralized by 33 properties and the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. The Company was in compliance with its debt covenants as of March 31, 2024. Fund IV also has an outstanding balance and total available credit on its secured bridge facility of $36.2 million and $0.0 million, respectively, as of both March 31, 2024 and December 31, 2023. The Operating Partnership has guaranteed up to $22.5 million of the Fund IV secured bridge facility (Note 9). Scheduled Debt Principal Payments The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of March 31, 2024 are as follows (in thousands):
Year Ending December 31, |  | Principal Repayments |
2024 (Remainder) |  | $ | 222,787 |
2025 |  |  | 583,887 |
2026 |  |  | 454,398 |
2027 |  |  | 246,226 |
2028 |  |  | 130,959 |
Thereafter |  |  | 96,206 |
|  |  | 1,734,463 |
Unamortized premium |  |  | 228 |
Net unamortized debt issuance costs |  |  | (11,012 | )
Total indebtedness |  | $ | 1,723,679 |
The table above does not reflect available extension options (subject to customary conditions) on consolidated debt with balances as of March 31, 2024. The Company has debt balances of $40.1 million contractually due in 2024, $438.7 million due in 2025, $27.6 million due in 2026 and $69.4 million contractually due in 2027, all of which the Company has available options to extend by up to 12 months, and for some an additional 12 months thereafter. However, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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