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Debt (Tables) | 9 Months Ended
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Sep. 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 |  | September 30, |  | December 31,
|  | September 30, 2025 |  | September 30, 2025 |  | 2025 |  | 2024
Mortgages Payable |  |  |  |  |  |  |  |
REIT Portfolio |  | 3.99% - 6.05% |  | Nov 2026 - Apr 2035 |  | $230,766 |  | $180,212
Fund II (a) |  | SOFR+1.90% |  | Aug 2028 |  | 137,500 |  | 137,485
Fund III |  |  |  |  |  | — |  | 33,000
Fund IV (b) |  | SOFR+2.15% - SOFR+3.33% |  | Oct 2025 - Jun 2028 |  | 109,449 |  | 109,471
Fund V |  | SOFR+1.75% - SOFR+3.10% |  | Nov 2025 - Jun 2028 |  | 505,364 |  | 498,779
Net unamortized debt issuance costs |  |  |  |  |  | (5,315) |  | (5,459)
Unamortized premium |  |  |  |  |  | 1,151 |  | 212
Total Mortgages Payable |  |  |  |  |  | $978,915 |  | $953,700
Unsecured Notes Payable |  |  |  |  |  |  |  |
Term Loans (c) |  | SOFR+1.20% - SOFR+1.40% |  | Apr 2028 - Jul 2030 |  | $725,000 |  | $475,000
Senior Notes |  | 5.86% - 5.94% |  | Aug 2027 - Aug 2029 |  | 100,000 |  | 100,000
Net unamortized debt issuance costs |  |  |  |  |  | (6,907) |  | (5,434)
Total Unsecured Notes Payable |  |  |  |  |  | $818,093 |  | $569,566
Unsecured Line of Credit |  |  |  |  |  |  |  |
Revolving Credit (c) |  | SOFR+1.25% |  | Apr 2028 |  | $65,000 |  | $14,000
Total Debt (d)(e) |  |  |  |  |  | $1,873,079 |  | $1,547,947
Net unamortized debt issuance costs |  |  |  |  |  | (12,222) |  | (10,893)
Unamortized premium |  |  |  |  |  | 1,151 |  | 212
Total Indebtedness |  |  |  |  |  | $1,862,008 |  | $1,537,266
(a) On August 6, 2025, Fund II refinanced its property mortgage loan to reduce the borrowing capacity from $198.0 million to $137.5 million. The Operating Partnership has guaranteed up to $20.0 million of principal payments associated with this property mortgage loan (Note 9). (b) Includes the outstanding balance on the Fund IV secured bridg e facility of $36.2 million as of September 30, 2025 and December 31, 2024. The Operating Partnership has guaranteed up t o $22.5 million of th e Fund IV secured bridge facility (Note 9). (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, 2025 and December 31, 2024 (Note 8). (d) As of September 30, 2025 and December 31, 2024, the Company had $1,201.4 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 $78.2 million at each September 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 September 30, 2025 (in thousands):
Year Ending December 31, |  | Principal Repayments |
2025 (Remainder) |  | $ | 84,075 |
2026 |  |  | 328,938 |
2027 |  |  | 274,373 |
2028 |  |  | 759,484 |
2029 |  |  | 98,291 |
Thereafter |  |  | 327,918 |
|  |  | 1,873,079 |
Unamortized premium |  |  | 1,151 |
Net unamortized debt issuance costs |  |  | (12,222 | )
Total indebtedness |  | $ | 1,862,008 |

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