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Debt (Tables)

3 Months Ended

Mar. 31, 2025

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		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 million 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%.

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, 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

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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