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Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
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, 2025 |  | March 31, 2025 |  | 2025 |  | 2024
Mortgages Payable |  |  |  |  |  |  |  |
Core |  | 3.99% - 6.05% |  | Nov 2026 - Apr 2035 |  | $281,761 |  | $180,212
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% |  | May 2025 - Jun 2028 |  | 109,464 |  | 109,471
Fund V |  | SOFR+2.00% - SOFR+3.10% |  | Apr 2025 - Jun 2028 |  | 497,563 |  | 498,779
Net unamortized debt issuance costs |  |  |  |  |  | (5,363) |  | (5,459)
Unamortized premium |  |  |  |  |  | 1,922 |  | 212
Total Mortgages Payable |  |  |  |  |  | $1,055,832 |  | $953,700
Unsecured Notes Payable |  |  |  |  |  |  |  |
Core Term Loans (c) |  | SOFR+1.50% - SOFR+1.75% |  | Apr 2028 - Jul 2029 |  | $475,000 |  | $475,000
Core Senior Notes |  | 5.86% - 5.94% |  | Aug 2027 - Aug 2029 |  | 100,000 |  | 100,000
Net unamortized debt issuance costs |  |  |  |  |  | (5,049) |  | (5,434)
Total Unsecured Notes Payable |  |  |  |  |  | $569,951 |  | $569,566
Unsecured Line of Credit |  |  |  |  |  |  |  |
Revolving Credit Facility (c) |  | SOFR+1.35% |  | Apr 2028 |  | $— |  | $14,000
Total Debt (d)(e) |  |  |  |  |  | $1,634,273 |  | $1,547,947
Net unamortized debt issuance costs |  |  |  |  |  | (10,412) |  | (10,893)
Unamortized premium |  |  |  |  |  | 1,922 |  | 212
Total Indebtedness |  |  |  |  |  | $1,625,783 |  | $1,537,266
(a) The Company has a total borrowing capacity of $198.0 m illion on the Fund II property mortgage loan as of both March 31, 2025 and December 31, 2024. (b) Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million as of both March 31, 2025 and December 31, 2024. (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, 2025 and December 31, 2024 (Note 8). (d) Includes $939.3 million and $852.0 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 4.54%. (e) Includes $111.2 million and $111.2 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 5.00% to 6.00%. Mortgages Payable A portion of the Company’s variable-rate property mortgage debt has been effectively fixed through certain cash flow hedge transactions (Note 8). At March 31, 2025 and December 31, 2024, the Company’s property mortgage loans were collateralized by 51 and 31 properties, respectively, as well as 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. As of March 31, 2025, a Fund V mortgage of $35.4 million, or $7.1 million at the Company’s share, had not met its debt service coverage ratio requirement. As this is not an event of default, the debt maturity was not accelerated. Core Portfolio During the three months ended March 31, 2025, the Company acquired an additional 48% economic ownership interest in the Renaissance Portfolio (Note 2). The properties were subject to existing mortgage indebtedness. At acquisition the property mortgage loans had an aggregate outstanding principal balance of $156.1 million, bore interest at the Secured Overnight Financing Rate (“SOFR”) + 2.55% and was scheduled to mature on November 6, 2026. The property mortgage loans were recorded at a fair value of approximately $156.1 million. On January 24, 2025, the venture modified the property mortgage loan to reduce the interest rate to SOFR + 1.55%. This reduction was achieved through a $50.0 million principal paydown, which was funded by the Company as a note receivable from the venture. The note bears interest at 9.11%, matures in November 2026, and has been eliminated in consolidation. Investment Management During the three months ended March 31, 2025, the Company, through Investment Management (amounts represent balances at the time of transactions): • extended one Investment Management property mortgage loan of $25.3 million, originally maturing in January 2025 to May 2025; • extended the Fund IV secured bridge facility which had an outstanding balance of $36.2 million, originally maturing in March 2025 to May 2025; and • made scheduled principal payments totaling $1.2 million. 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, at both March 31, 2025 and December 31, 2024. The Operating Partnership has guaranteed up t o $22.5 million of the Fund IV secured bridge facility (Note 9). Unsecured Notes Payable Core Term Loans At March 31, 2025, the Term Loan had an outstanding balance of $400.0 milli on bears interest at SOFR + 1.50% and matures on April 15, 2028, subject to two six-month extension options. 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). At March 31, 2025, the $75.0 Million Term Loan bears interest at SOFR+1.75%. Senior Notes On August 21, 2024, the Operating Partnership issued $100.0 million aggregate principal amount of senior unsecured notes in a private placement, of which (i) $20.0 million are designated as 5.86% Senior Notes, Series A, due August 21, 2027 (the “Series A Notes”) and (ii) $80.0 million are designated as 5.94% Senior Notes, Series B, due August 21, 2029 (together with the Series A Notes, the “Senior Notes”) pursuant to a note purchase agreement (the “Senior Note Purchase Agreement”), dated July 30, 2024, between the Company, Operating Partnership and the purchasers named therein. The Senior Notes were issued at par in accordance with the Senior Note Purchase Agreement and pay interest semiannually on February 21st and August 21st until their respective maturities. The Company may prepay the Senior Notes at any time in full or in part subject to certain limitations set forth in the Senior Note Purchase Agreement. The Senior Notes are guaranteed by the Company and certain subsidiaries of the Company. Revolving Credit Facility At March 31, 2025, the Revolver bears interest at SOFR+1.35% and matures on April 15, 2028, subject to two six-month extension options. The outstanding balance and total available credit of the Revolver were $0.0 million and $525.0 million, respectively, as of March 31, 2025, reflecting no letters of credit outstanding. The outstanding balance and total available credit of the Revolver were $14.0 million and $511.0 million, respectively, as of December 31, 2024, reflecting no letters of credit outstanding. 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, 2025 are as follows (in thousands):
Year Ending December 31, |  | Principal Repayments |
2025 |  | $ | 475,888 |
2026 |  |  | 185,698 |
2027 |  |  | 214,676 |
2028 |  |  | 581,804 |
2029 |  |  | 173,292 |
Thereafter |  |  | 2,915 |
|  |  | 1,634,273 |
Unamortized premium |  |  | 1,922 |
Net unamortized debt issuance costs |  |  | (10,412 | )
Total indebtedness |  | $ | 1,625,783 |
The table above does not reflect available extension options (subject to customary conditions) on consolidated debt with balances as of March 31, 2025. The Company has debt balances contractually due of $363.8 million in the remainder of 2025, $155.4 million in 2026, $191.9 million due in 2027 and $457.5 million in 2028, all of which the Company has available options to extend by up to 12 months, and for some an additional 12 months thereafter. How ever, 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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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