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v3.25.1

BORROWINGS (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Borrowings | Our borrowings as of March 31, 2025, and December 31, 2024, are summarized below (dollars in thousands):
| Carrying Value as of |  | As of March 31, 2025
| March 31, 2025 |  | December 31, 2024 |  | Stated Interest Rates(1) (Range; Wtd Avg) |  | Maturity Dates (Range; Wtd Avg)
Variable-rate revolving lines of credit | $ | 200 |  |  | $ | 3,600 |  |  | 6.31% |  | 12/15/2033
Notes and bonds payable: |  |  |  |  |  |  |
Fixed-rate notes payable | $ | 467,938 |  |  | $ | 493,363 |  |  | 2.45%–6.97%; 3.70% |  | 4/14/2025–7/1/2051; December 2032
Fixed-rate bonds payable | 32,826 |  |  | 32,946 |  |  | 3.13%–4.57%; 3.85% |  | 7/24/2025–12/30/2030; Jan 2028
Total notes and bonds payable | 500,764 |  |  | 526,309 |  |  |  |  |
Debt issuance costs – notes and bonds payable | (2,133) |  |  | (2,387) |  |  | N/A |  | N/A
Notes and bonds payable, net | $ | 498,631 |  |  | $ | 523,922 |  |  |  |  |
Total borrowings, net | $ | 498,831 |  |  | $ | 527,522 |  |  |  |  |
(1)Where applicable, stated interest rates are before interest patronage (as described below). The following table summarizes the pertinent terms of the MetLife Facility as of March 31, 2025 (dollars in thousands, except for footnotes):
Issuance |  | Aggregate Commitment |  | Maturity Dates |  | Principal Outstanding |  | Interest Rate Terms |  | Undrawn Commitment(1) |
MetLife Lines of Credit |  | $ | 75,000 |  |  | 12/15/2033 |  | $ | 200 |  |  | 3M Term SOFR + 2.00% | (2) | $ | 74,800 |  |
2020 MetLife Term Note |  | 75,000 |  | (3) | 1/5/2030 |  | 36,254 |  |  | 2.75%, fixed through 1/4/2030 | (4) | 38,746 |  |
2022 MetLife Term Note |  | 100,000 |  | (3) | 1/5/2032 |  | — |  |  | (4) |  | 100,000 |  |
Totals |  | $ | 250,000 |  |  |  |  | $ | 36,454 |  |  |  |  | $ | 213,546 |  |
(1)Based on the properties that were pledged as collateral under the MetLife Facility, as of March 31, 2025, the maximum additional amount we could draw under the facility was approximately $110.0 million. (2)The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit). (3)If the aggregate commitments under the 2020 MetLife Term Note and the 2022 MetLife Term Note are not fully utilized by December 31, 2026, MetLife has no obligation to disburse the additional funds under either note. (4)Interest rates on future disbursements under each of the 2020 MetLife Term Note and the 2022 MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2026, the 2020 MetLife Term Note and the 2022 MetLife Term Note are each subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the respective note).
Schedule of Aggregate Maturities | Scheduled principal payments of our aggregate notes and bonds payable as of March 31, 2025, for the succeeding years are as follows (dollars in thousands):
Period |  | Scheduled Principal Payments |
For the remaining nine months ending December 31: | 2025 |  | $ | 31,710 |  | (1)
For the fiscal years ending December 31: | 2026 |  | 16,967 |  |
| 2027 |  | 50,111 |  |
| 2028 |  | 76,457 |  |
| 2029 |  | 151,876 |  |
| 2030 |  | 84,961 |  |
| Thereafter |  | 88,682 |  |
|  |  | $ | 500,764 |  |
(1)Subsequent to March 31, 2025, a loan of approximately $10.3 million that was originally scheduled to mature in 2025 was refinanced and extended for an additional five years.
Schedule of Borrowings by Type | We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2025, and December 31, 2024 (dollars in thousands):
Period |  | Number of Instruments |  | Aggregate Notional Amount |  |  |  |
As of March 31, 2025 |  | 4 |  | $ | 66,647 |  |  |  |  |
As of December 31, 2024 |  | 4 |  | 67,067 |  |  |  |  |
The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of March 31, 2025, and December 31, 2024 (dollars in thousands):
|  |  |  | Derivative Asset (Liability) Fair Value
Derivative Type |  | Balance Sheet Location |  | March 31, 2025 |  | December 31, 2024
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |
Interest rate swaps |  | Other assets, net |  | $ | 6,314 |  |  | $ | 7,632 |
Total |  |  |  | $ | 6,314 |  |  | $ | 7,632 |
The following table presents the amount of (los s) income recognized in comprehensive (loss) income within our condensed consolidated financial statements for the three months ended March 31, 2025 and 2024 (dollars in thousands):
| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Derivative in cash flow hedging relationship: |  |  |  |  |  |  |
Interest rate swaps | $ | (1,318) |  |  | $ | 1,008 |  |  |  |  |
Total | $ | (1,318) |  |  | $ | 1,008 |  |  |  |  |

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