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Debt (Tables) | 6 Months Ended
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Jun. 30, 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 |  | June 30, |  | December 31,
|  | June 30, 2025 |  | June 30, 2025 |  | 2025 |  | 2024
Mortgages Payable |  |  |  |  |  |  |  |
Core |  | 3.99% - 6.05% |  | Nov 2026 - Apr 2035 |  | $231,301 |  | $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+2.15% - SOFR+3.33% |  | Oct 2025 - Jun 2028 |  | 109,456 |  | 109,471
Fund V |  | SOFR+2.00% - SOFR+3.10% |  | Sep 2025 - Jun 2028 |  | 499,730 |  | 498,779
Net unamortized debt issuance costs |  |  |  |  |  | (4,762) |  | (5,459)
Unamortized premium |  |  |  |  |  | 1,378 |  | 212
Total Mortgages Payable |  |  |  |  |  | $1,007,588 |  | $953,700
Unsecured Notes Payable |  |  |  |  |  |  |  |
Core Term Loans (c) |  | SOFR+1.20% - SOFR+1.75% |  | Apr 2028 - May 2030 |  | $650,000 |  | $475,000
Core Senior Notes |  | 5.86% - 5.94% |  | Aug 2027 - Aug 2029 |  | 100,000 |  | 100,000
Net unamortized debt issuance costs |  |  |  |  |  | (6,951) |  | (5,434)
Total Unsecured Notes Payable |  |  |  |  |  | $743,049 |  | $569,566
Unsecured Line of Credit |  |  |  |  |  |  |  |
Revolving Credit (c) |  | SOFR+1.25% |  | Apr 2028 |  | $53,500 |  | $14,000
Total Debt (d)(e) |  |  |  |  |  | $1,814,472 |  | $1,547,947
Net unamortized debt issuance costs |  |  |  |  |  | (11,713) |  | (10,893)
Unamortized premium |  |  |  |  |  | 1,378 |  | 212
Total Indebtedness |  |  |  |  |  | $1,804,137 |  | $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 June 30, 2025 and December 31, 2024. (b) Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million as of both June 30, 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 June 30, 2025 and December 31, 2024 (Note 8). (d) As of June 30, 2025 and December 31, 2024, the Company had $1,072.8 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 4.50%. (e) Includes $111.2 million at each June 30, 2025 and December 31, 2024, 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 following table summarizes the scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of June 30, 2025 (in thousands):
Year Ending December 31, |  | Principal Repayments |
2025 (Remainder) |  | $ | 288,466 |
2026 |  |  | 346,940 |
2027 |  |  | 217,373 |
2028 |  |  | 610,485 |
2029 |  |  | 173,292 |
Thereafter |  |  | 177,916 |
|  |  | 1,814,472 |
Unamortized premium |  |  | 1,378 |
Net unamortized debt issuance costs |  |  | (11,713 | )
Total indebtedness |  | $ | 1,804,137 |

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