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DEBT OBLIGATIONS | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
DEBT OBLIGATIONS | 7. DEBT OBLIGATIONS The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of March 31, 2025 and December 31, 2024 (in thousands):
| March 31, 2025 |  | December 31, 2024 |  | Effective Interest Rate |  | Maturity Date |
SECURED DEBT: |  |  |  |  |  |  |  |
$245.0M 5.88% Secured Term Loan due 2028 | $ | 245,000 |  |  | $ | 245,000 |  |  | 5.88% |  | February 2028 |
$50.0M Construction Loan due 2026 | 38,373 |  |  | 32,734 |  |  | SOFR + 2.50% |  | August 2026 |
Principal balance outstanding | 283,373 |  |  | 277,734 |  |  |  |  |  |
Less: deferred financing costs | (2,207) |  |  | (2,396) |  |  |  |  |  |
Total Secured indebtedness | $ | 281,166 |  |  | $ | 275,338 |  |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |  |
$600.0M Unsecured Credit Facility | $ | 65,000 |  |  | $ | — |  |  | SOFR + 1.50% |  | June 2027 | (a)
Term Loan - Swapped to fixed | 250,000 |  |  | 250,000 |  |  | SOFR + 1.70% | (b) | June 2027 | (a)
$70.0M Term Loan | — |  |  | 70,000 |  |  | SOFR + 2.00% |  | February 2025 | (a)
$450.0M 3.95% Guaranteed Notes due 2027 | 450,000 |  |  | 450,000 |  |  | 4.03% |  | November 2027 |
$350.0M 8.30% Guaranteed Notes due 2028 | 350,000 |  |  | 350,000 |  |  | 8.48% | (c) | March 2028 |
$350.0M 4.55% Guaranteed Notes due 2029 | 350,000 |  |  | 350,000 |  |  | 4.30% |  | October 2029 |
$400.0M 8.875% Guaranteed Notes due 2029 | 400,000 |  |  | 400,000 |  |  | 8.97% |  | April 2029 |
Indenture IA (Preferred Trust I) | 27,062 |  |  | 27,062 |  |  | SOFR + 1.51 | (d) | March 2035 |
Indenture IB (Preferred Trust I) | 25,774 |  |  | 25,774 |  |  | SOFR + 1.51 | (d) | April 2035 |
Indenture II (Preferred Trust II) | 25,774 |  |  | 25,774 |  |  | SOFR + 1.51 | (d) | July 2035 |
Principal balance outstanding | 1,943,610 |  |  | 1,948,610 |  |  |  |  |  |
Plus: original issue premium (discount), net | $ | (424) |  |  | $ | (544) |  |  |  |  |  |
Less: deferred financing costs | (9,842) |  |  | (10,590) |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,933,344 |  |  | $ | 1,937,476 |  |  |  |  |  |
Total Debt Obligations | $ | 2,214,510 |  |  | $ | 2,212,814 |  |  |  |  |  |
(a)Spread includes a 10 basis point daily SOFR adjustment. (b)On November 23, 2022, the $250.0 million unsecured term loan was swapped to a fixed rate. At March 31, 2025, the fixed rate for this instrument was 5.41% and matures on June 30, 2027. The effective date of the swap was January 31, 2023. (c)During the third quarter of 2023, Moody’s downgraded the Company's senior unsecured credit rating from Baa3 to Ba1. As a result of the downgrade, the interest rate on the Company's 7.55% Guaranteed Notes due 2028 (the "2028 Notes") increased 25 basis points in September 2023 due to the coupon adjustment provisions within the 2028 Notes. During the first quarter of 2024, S&P downgraded the Company's senior unsecured credit rating from BBB- to BB+. As a result of the downgrade, the interest rate on the 2028 Notes increased 25 basis points to 8.05% in March 2024 due to the coupon adjustment provisions within the 2028 Notes. During the second quarter of 2024, Moody's downgraded the Company's senior unsecured credit rating from Ba1 to Ba2. As a result of the downgrade, the interest rate on the 2028 Notes increased 25 basis points to 8.30% in April 2024 due to the coupon adjustment provisions within the 2028 Notes. (d)On January 16, 2024, the Trust Preferred I Indenture IA was swapped to a fixed rate at 5.14% for the period from March 30, 2024 to December 30, 2026 and Trust Preferred I Indenture IB and Trust Preferred II Indenture II were swapped to a fixed rate at 5.24% for the period from January 30, 2024 to January 30, 2027. The Company utilizes borrowings under its unsecured credit facility (the “Unsecured Credit Facility”) for general business purposes, including to fund costs of acquisitions, developments and redevelopments of properties, and to fund share repurchases and repay other debt. The Unsecured Credit Facility provides for borrowings of up to $600.0 million and the per annum variable interest rate on borrowings is SOFR plus 1.40% plus a spread adjustment of 0.10%. The interest rate and facility fee are subject to adjustment upon a change in the Company’s unsecured debt ratings. During the three months ended March 31, 2025, the weighted-average interest rate on Unsecured Credit Facility borrowings was 5.83%, resulting in $0.4 million of interest expense for such period. Unsecured Term Loan On March 1, 2023, the Company entered into an unsecured one-year term loan agreement in the aggregate principal amount of $70.0 million (the “2023 Term Loan”). The 2023 Term Loan was scheduled to mature on February 28, 2024. In January 2024, the Company executed its option to extend for an additional twelve months to February 28, 2025 upon customary terms and conditions. The 2023 Term Loan bore interest at Daily Simple SOFR plus 1.90% with a 0.10% SOFR adjustment per year and was interest-only (payable monthly) through the maturity date. The Company repaid the loan on its maturity date of February 28, 2025. Additional Information on Unsecured and Secured Consolidated Debt The Parent Company unconditionally guarantees the unsecured debt obligations of the Operating Partnership (or is a co-borrower with the Operating Partnership) but does not by itself incur unsecured indebtedness. The Parent Company has no material assets other than its investment in the Operating Partnership. The Company was in compliance with all financial covenants as of March 31, 2025. Certain of the covenants restrict the Company’s ability to obtain alternative sources of capital. As of March 31, 2025, the aggregate scheduled principal payments on the Company’s consolidated debt obligations (secured and unsecured) were as follows (in thousands):
2025 (nine months remaining) | $ | — |
2026 | 38,373 |
2027 | 765,000 |
2028 | 595,000 |
2029 | 750,000 |
Thereafter | 78,610 |
Total principal payments | 2,226,983 |
Net unamortized premiums/(discounts) | (424) |
Net deferred financing costs | (12,049) |
Outstanding indebtedness | $ | 2,214,510 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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