Debt and Derivative Instruments (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Debt Disclosure [Abstract] |
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| Schedule of Mortgages and Credit Facilities Payable |
As of March 31, 2025 and December 31, 2024, the Company had the following mortgages and credit facility payable:
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March 31, 2025 |
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December 31, 2024 |
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Type of Debt |
Principal Amount |
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Weighted
Average
Interest Rate |
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|
Principal
Amount |
|
|
Weighted
Average
Interest Rate |
|
Fixed rate mortgages payable |
$ |
111,591 |
|
|
|
3.83 |
% |
|
$ |
111,679 |
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|
3.83 |
% |
Variable rate mortgages payable with swap agreements |
|
26,000 |
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|
4.55 |
% |
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|
26,000 |
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|
4.55 |
% |
Mortgages payable |
|
137,591 |
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|
3.97 |
% |
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|
137,679 |
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|
3.97 |
% |
Credit facility payable |
|
700,000 |
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|
4.66 |
% |
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|
700,000 |
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|
4.67 |
% |
Total debt before unamortized debt issuance costs including impact of interest rate swaps |
|
837,591 |
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4.55 |
% |
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|
837,679 |
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|
4.55 |
% |
(Less): Unamortized debt issuance costs |
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(1,634 |
) |
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(1,933 |
) |
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Total debt |
$ |
835,957 |
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$ |
835,746 |
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| Schedule of Principal Payments and Maturities of Company's Debt |
As of March 31, 2025, scheduled principal payments and maturities on the Company’s debt were as follows:
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March 31, 2025 |
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Scheduled Principal Payments and Maturities by Year: |
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Scheduled
Principal
Payments |
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Maturities of Mortgage Loans |
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Maturity of Credit Facility |
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Total |
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2025 (remainder of the year) |
|
$ |
208 |
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|
$ |
92,656 |
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|
$ |
— |
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$ |
92,864 |
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2026 |
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— |
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44,727 |
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125,000 |
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169,727 |
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2027 |
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— |
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— |
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575,000 |
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|
575,000 |
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2028 |
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— |
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— |
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— |
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— |
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2029 |
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— |
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— |
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— |
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— |
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Thereafter |
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— |
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— |
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— |
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— |
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Total |
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$ |
208 |
|
|
$ |
137,383 |
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|
$ |
700,000 |
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$ |
837,591 |
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| Summary of Interest Rate Swap Contracts Outstanding |
The following table summarizes the Company’s interest rate swap contracts outstanding as of March 31, 2025.
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Date
Entered |
Effective
Date |
Maturity
Date |
Receive Floating Rate Index (a) |
Pay
Fixed
Rate |
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Notional
Amount |
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Fair Value as of March 31, 2025 |
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Assets |
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December 5, 2022 |
December 1, 2022 |
January 1, 2026 |
One-month Term SOFR |
|
2.25 |
% |
$ |
26,000 |
|
$ |
344 |
|
February 3, 2022 |
March 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
|
1.69 |
% |
|
90,000 |
|
|
3,222 |
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February 3, 2022 |
March 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
|
1.85 |
% |
|
100,000 |
|
|
3,290 |
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February 3, 2022 |
March 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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1.72 |
% |
|
85,000 |
|
|
3,010 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
|
2.71 |
% |
|
60,000 |
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|
1,048 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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2.71 |
% |
|
60,000 |
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|
1,049 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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2.71 |
% |
|
75,000 |
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|
1,313 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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2.77 |
% |
|
55,000 |
|
|
911 |
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$ |
551,000 |
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$ |
14,187 |
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(a)As of March 31, 2025, the one-month term SOFR was 4.32%.
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| Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) |
The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2025 and 2024.
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Three Months Ended
March 31, |
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Derivatives in Cash Flow Hedging Relationships |
2025 |
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2024 |
|
Effective portion of derivatives |
$ |
(2,497 |
) |
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$ |
10,066 |
|
Reclassification adjustment for amounts included in net loss (effective portion) |
$ |
(2,900 |
) |
|
$ |
(4,337 |
) |
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