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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Summary of Consolidated Indebtedness | 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 |  | September 30, |  | December 31,
|  | September 30, 2024 |  | September 30, 2024 |  | 2024 |  | 2023
Mortgages Payable |  |  |  |  |  |  |  |
Core |  | 3.99% - 5.89% |  | Jul 2027 - Apr 2035 |  | $180,659 |  | $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 |  | 109,478 |  | 115,925
Fund V |  | SOFR+1.80% - SOFR+2.85% |  | Oct 2024 - Jun 2028 |  | 498,791 |  | 458,960
Net unamortized debt issuance costs |  |  |  |  |  | (5,259) |  | (7,313)
Unamortized premium |  |  |  |  |  | 217 |  | 240
Total Mortgages Payable |  |  |  |  |  | $954,371 |  | $930,127
Unsecured Notes Payable |  |  |  |  |  |  |  |
Core Term Loans (c) |  | SOFR+1.50% - SOFR+1.75% |  | Apr 2028 - Jul 2029 |  | $475,000 |  | $650,000
Core Senior Notes |  | 5.86% - 5.94% |  | Aug 2027 - Aug 2029 |  | 100,000 |  | —
Fund V Subscription Line (d) |  |  |  |  |  | — |  | 80,600
Net unamortized debt issuance costs |  |  |  |  |  | (5,758) |  | (3,873)
Total Unsecured Notes Payable |  |  |  |  |  | $569,242 |  | $726,727
Unsecured Line of Credit |  |  |  |  |  |  |  |
Revolving Credit Facility (c) |  | SOFR+1.35% |  | Apr 2028 |  | $56,000 |  | $213,287
Total Debt (e)(f) |  |  |  |  |  | $1,590,413 |  | $1,881,087
Net unamortized debt issuance costs |  |  |  |  |  | (11,017) |  | (11,186)
Unamortized premium |  |  |  |  |  | 217 |  | 240
Total Indebtedness |  |  |  |  |  | $1,579,613 |  | $1,870,141
(a) The Company has a total borrowing capacity of $198.0 million on th e Fund II mortgage as of both September 30, 2024 and December 31, 2023. (b) Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million as of both September 30, 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 September 30, 2024 and December 31, 2023. (d) Fund V paid off the subscription line and terminated the outstanding letters of credit during the first quarter of 2024. (e) Includes $875.1 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 1.28% to 4.69%. (f) Includes $151.0 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 September 30, 2024 are as follows (in thousands):
Year Ending December 31, |  | Principal Repayments |
2024 (Remainder) |  | $ | 173,113 |
2025 |  |  | 452,549 |
2026 |  |  | 56,911 |
2027 |  |  | 93,827 |
2028 |  |  | 637,805 |
Thereafter |  |  | 176,208 |
|  |  | 1,590,413 |
Unamortized premium |  |  | 217 |
Net unamortized debt issuance costs |  |  | (11,017 | )
Total indebtedness |  | $ | 1,579,613 |

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