v3.25.4

Debt | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt |
Debt | 10. Debt Mortgage Loans The following table summarizes mortgage loans: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted Average | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Effective | ​ | December 31,
​ | ​ ​ | Interest Rate (1) | ​ | 2025 | ​ ​ | 2024
​ | ​ | ​ | ​ | (In thousands)
Variable rate (2) |  | 5.19% | ​ | $ | 600,899 | ​ | $ | 587,254
Fixed rate (3) |  | 5.17% | ​ |  | 1,020,690 | ​ |  | 1,196,479
Mortgage loans | ​ | ​ | ​ |  | 1,621,589 | ​ |  | 1,783,733
Unamortized deferred financing costs and premium / discount, net (4) | ​ | ​ | ​ |  | (42,431) | ​ |  | (16,560)
Mortgage loans, net | ​ | ​ | ​ | $ | 1,579,158 | ​ | $ | 1,767,173
(1) | Weighted average effective interest rate as of December 31, 2025.
(2) | Includes variable rate mortgage loans with interest rate cap agreements. For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.18%, and the weighted average maturity date of the interest rate caps is the fourth quarter of 2026. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of December 31, 2025, one-month term Secured Overnight Financing Rate ("SOFR") was 3.69%.
(3) | Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements.
(4) | As of December 31, 2025, includes a discount of $29.6 million related to the mortgage loan assumed in connection with the acquisition of 1101 17th Street. See Note 3 for additional information.
As of December 31, 2025 and 2024, the net carrying value of real estate collateralizing our mortgage loans totaled $1.7 billion and $2.1 billion. Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and, in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. In September 2025, in connection with the acquisition of the remaining 45.0% interest in the unconsolidated real estate venture that owned 1101 17th Street, we assumed the related $60.0 million non-recourse interest-only mortgage loan with a fixed interest rate of 3.40% and a maturity date of July 14, 2026, which was recorded at its estimated fair value of $30.4 million. See Note 3 for additional information. In March 2025, we entered into a five-year interest-only $258.9 million mortgage loan with a fixed interest rate of 5.03% collateralized by the Ashley and Potomac buildings at RiverHouse Apartments and repaid the outstanding $307.7 million mortgage loan that was collateralized by the Ashley, Potomac and James buildings. In November 2024, the mortgage loan collateralized by The Grace and Reva was refinanced with a five-year interest-only $273.6 million mortgage loan with a fixed interest rate of 5.19%. In June 2025, in connection with the sale of WestEnd25, we repaid the related $97.5 million mortgage loan. In February 2025, in connection with the sale of 8001 Woodmont, we repaid the related $99.7 million mortgage loan. In December 2024, in connection with the sale of 2101 L Street, the lender of the related $120.9 million mortgage loan accepted the proceeds from the sale and $6.7 million of cash as repayment of the mortgage loan, resulting in a $9.2 million gain on the extinguishment of debt, which was included in "Gain (loss) on the extinguishment of debt, net" in our consolidated statement of operations for the year ended December 31, 2024. In September 2024, we repaid the $83.3 million mortgage loan collateralized by 201 12th Street S., 200 12th Street S., and 251 18th Street S. In June 2023, we repaid $142.4 million in mortgage loans collateralized by Falkland Chase-South & West and 800 North Glebe Road. As of December 31, 2025 and 2024, we had various interest rate swap and cap agreements on certain of our mortgage loans with an aggregate notional value of $756.0 million and $1.4 billion. See Note 19 for additional information. Revolving Credit Facility and Term Loans As of December 31, 2025 and 2024, our unsecured revolving credit facility and term loans totaling $1.5 billion consisted of a $750.0 million revolving credit facility maturing in June 2027, a $200.0 million term loan ("Tranche A-1 Term Loan") maturing in January 2027, as extended in January 2026, a $400.0 million term loan ("Tranche A-2 Term Loan") maturing in January 2028 and a $120.0 million term loan ("2023 Term Loan") maturing in June 2028. We have the option to increase the $750.0 million revolving credit facility or add term loans up to $500.0 million. The revolving credit facility has two six-month extension options. Based on the terms as of December 31, 2025, the interest rate for the credit facility varies based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets, and ranges (i) in the case of the revolving credit facility, from daily SOFR plus 1.40% to daily SOFR plus 1.85%, (ii) in the case of the Tranche A-1 Term Loan, from one-month term SOFR plus 1.15% to one-month term SOFR plus 1.75%, (iii) in the case of the Tranche A-2 Term Loan, from one-month term SOFR plus 1.25% to one-month term SOFR plus 1.80% and (iv) in the case of the 2023 Term Loan, from one-month term SOFR plus 1.25% to one-month term SOFR plus 1.80%. The agreements for our unsecured revolving credit facility and term loans include customary restrictive covenants, that, among other things, restrict our ability to incur additional indebtedness, to engage in material asset sales, mergers, consolidations and acquisitions, and in certain circumstances, to pay dividends, make distributions and repurchase common shares, and also include requirements to maintain financial ratios. Our ability to borrow is subject to compliance with these covenants, and failure to comply with our covenants could cause a default, and we may then be required to repay such debt. The following table summarizes amounts outstanding under the revolving credit facility and term loans: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Effective | ​ | December 31,
​ | ​ ​ ​ | Interest Rate (1) | ​ | 2025 | ​ ​ ​ | 2024
​ | ​ | ​ | ​ | (In thousands)
Revolving credit facility (2) (3) |  | 5.46% | ​ | $ | 205,000 | ​ | $ | 85,000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tranche A-1 Term Loan (4) |  | 5.44% | ​ | $ | 200,000 | ​ | $ | 200,000
Tranche A-2 Term Loan (5) |  | 4.30% | ​ |  | 400,000 | ​ |  | 400,000
2023 Term Loan (6) | ​ | 5.51% | ​ | ​ | 120,000 | ​ | ​ | 120,000
Term loans |  | ​ | ​ |  | 720,000 | ​ |  | 720,000
Unamortized deferred financing costs, net |  | ​ | ​ |  | (1,592) | ​ |  | (2,147)
Term loans, net |  | ​ | ​ | $ | 718,408 | ​ | $ | 717,853
(1) | Effective interest rate as of December 31, 2025. The interest rate for the revolving credit facility excludes a 0.20% facility fee.
(2) | As of December 31, 2025, daily SOFR was 3.87%. As of December 31, 2025 and 2024, letters of credit with an aggregate face amount of $4.8 million and $15.2 million were outstanding under our revolving credit facility.
(3) | As of December 31, 2025 and 2024, excludes $4.4 million and $7.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our consolidated balance sheets.
(4) | The interest rate swaps fix SOFR at a weighted average interest rate of 4.00% through the extended maturity date of January 2027.
(5) | The interest rate swaps fix SOFR at a weighted average interest rate of 2.81% through the maturity date.
(6) | The interest rate swap fixes SOFR at an interest rate of 4.01% through the maturity date.
Principal Maturities The following table summarizes principal maturities of outstanding debt, including mortgage loans, the revolving credit facility and the term loans, as of December 31, 2025:
​ | ​ | ​ | ​
Year ending December 31, | ​ ​ ​ | Amount
​ | ​ | (In thousands)
2026 | ​ | $ | 170,820
2027 | ​ |  | 676,303
2028 | ​ |  | 610,147
2029 | ​ |  | 278,987
2030 | ​ |  | 810,332
Total | ​ | $ | 2,546,589
​

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