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Debt (Tables)

9 Months Ended

Sep. 30, 2025

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 bridge facility of $36.2 million as of September 30, 2025 and December 31, 2024. The Operating Partnership has guaranteed up to $22.5 million of the 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