XML 43 R34.htm IDEA: XBRL DOCUMENT

Debt (Tables)

3 Months Ended

Mar. 31, 2024

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 the 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 million 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 from 4.50% to 6.00%.

Scheduled Principal Repayments

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