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Debt (Tables) | 12 Months Ended
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Dec. 31, 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 |  | December 31, |  |  | December 31, |
|  | December 31, 2024 |  | December 31, 2024 |  | 2024 |  |  | 2023 |
Mortgages Payable |  |  |  |  |  |  |  |  |  |
Core |  | 3.99% - 5.89% |  | Jul 2027 - Apr 2035 |  | $ | 180,212 |  |  | $ | 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 |  |  | 109,471 |  |  |  | 115,925 |
Fund V |  | SOFR + 1.86% to SOFR + 3.10% |  | Jan 2025 - Jun 2028 |  |  | 498,779 |  |  |  | 458,960 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (5,459 | ) |  |  | (7,313 | )
Unamortized premium |  |  |  |  |  |  | 212 |  |  |  | 240 |
Total Mortgages Payable |  |  |  |  |  | $ | 953,700 |  |  | $ | 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 |  |  |  |  |  |  | (5,434 | ) |  |  | (3,873 | )
Total Unsecured Notes Payable |  |  |  |  |  | $ | 569,566 |  |  | $ | 726,727 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |
Revolving Credit Facility (c) |  | SOFR+1.35% |  | Apr 2028 |  | $ | 14,000 |  |  | $ | 213,287 |
Total Debt (e)(f) |  |  |  |  |  | $ | 1,547,947 |  |  | $ | 1,881,087 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (10,893 | ) |  |  | (11,186 | )
Unamortized premium |  |  |  |  |  |  | 212 |  |  |  | 240 |
Total Indebtedness |  |  |  |  |  | $ | 1,537,266 |  |  | $ | 1,870,141 |
a) The Company has a total commitment of $198.0 million on the Fund II property mortgage loan as of both December 31, 2024 and December 31, 2023. b) Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million at December 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 at December 31, 2024 and 2023 (Note 8). d) Fund V paid off the subscription line and terminated the outstanding letters of credit during the first quarter of 2024. e) Includes $852.0 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 1.98% to 4.61%. f) Includes $111.2 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 fro m 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 December 31, 2024 are as follows (in thousands):
Year Ending December 31, |  | Principal Repayments |
2025 |  | $ | 477,562 |
2026 |  |  | 83,698 |
2027 |  |  | 214,675 |
2028 |  |  | 595,805 |
2029 |  |  | 173,291 |
Thereafter |  |  | 2,916 |
|  |  | 1,547,947 |
Unamortized premium |  |  | 212 |
Net unamortized debt issuance costs |  |  | (10,893 | )
Total indebtedness |  | $ | 1,537,266 |

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