v3.25.2
Indebtedness
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
Our outstanding indebtedness as of June 30, 2025 and December 31, 2024 is summarized below:
Number of
PropertiesPrincipalInterest
Carrying Value
EntitySecured ByBalance
Rate (1)
TypeMaturity
of Collateral
As of June 30, 2025
ILPT186$650,000 4.31%Fixed02/07/2029$490,115 
ILPT1011,160,000 6.40%Fixed07/09/20301,002,066 
ILPT
17700,000 4.42%Fixed03/09/2032488,492 
Mountain JV
821,400,000 5.87%Floating03/09/20261,775,326 
Mountain JV491,000 6.25%Fixed06/10/2030175,718 
Mountain JV19,321 3.67%Fixed05/01/203128,582 
Mountain JV110,976 4.14%Fixed07/01/203241,609 
Mountain JV124,952 4.02%Fixed10/01/203381,268 
Mountain JV134,965 4.13%Fixed11/01/2033127,065 
Mountain JV121,717 3.10%Fixed06/01/203544,426 
Mountain JV135,247 2.95%Fixed01/01/203694,927 
Mountain JV140,274 4.27%Fixed11/01/2037106,005 
Mountain JV145,067 3.25%Fixed01/01/2038108,782 
Total / weighted average4,223,519 5.43%$4,564,381 
Unamortized debt issuance costs(23,205)
Total indebtedness, net$4,200,314 
As of December 31, 2024
ILPT104$1,235,000 6.71%Floating10/09/2025$1,017,228 
ILPT186650,000 4.31%Fixed02/07/2029490,454 
ILPT17700,000 4.42%Fixed03/09/2032491,143 
Mountain JV821,400,000 5.81%Floating03/09/20251,802,396 
Mountain JV491,000 6.25%Fixed06/10/2030178,465 
Mountain JV110,020 3.67%Fixed05/01/203128,363 
Mountain JV111,636 4.14%Fixed07/01/203242,242 
Mountain JV126,200 4.02%Fixed10/01/203382,443 
Mountain JV136,684 4.13%Fixed11/01/2033127,960 
Mountain JV122,637 3.10%Fixed06/01/203545,070 
Mountain JV136,655 2.95%Fixed01/01/203696,321 
Mountain JV141,491 4.27%Fixed11/01/2037107,606 
Mountain JV146,506 3.25%Fixed01/01/2038110,346 
Total / weighted average4,307,829 5.51%$4,620,037 
Unamortized debt issuance costs(7,292)
Total indebtedness, net$4,300,537 
(1)Interest rates reflect the impact of interest rate caps, if any, and exclude the impact of the amortization of debt issuance costs, premiums and discounts.
In June 2025, we obtained a $1,160,000 fixed rate, interest only mortgage loan secured by 101 of our properties. This mortgage loan matures in July 2030 and requires that interest be paid at an annual rate of 6.40%. Subject to the satisfaction of certain conditions, we have the option to prepay our $1,160,000 mortgage loan in full or in part with a premium prior to January 9, 2030 and at par with no premium on or after January 9, 2030. We used the net proceeds from our $1,160,000 mortgage loan and cash on hand to repay in full our $1,235,000 loan, or the ILPT Floating Rate Loan. The ILPT Floating Rate Loan was secured by 104 of our properties, was scheduled to mature in October 2025 and required that interest be paid at an annual rate of secured overnight financing rate, or SOFR, plus a weighted average premium of 3.93%. At the time of repayment of the ILPT Floating Rate Loan, we believe that we were in compliance with all of the covenants and other terms under the agreement governing such loan. During the three and six months ended June 30, 2025, we recognized a $5,070 loss on extinguishment of debt related to the repayment of the ILPT Floating Rate Loan.
Our consolidated joint venture’s $1,400,000 loan, or the Mountain Floating Rate Loan, is secured by 82 properties, matures in March 2026, subject to one remaining one-year extension option, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%. In March 2025, our consolidated joint venture exercised the second of its three, one-year extension options for the maturity date of this loan. In connection with the exercise of the extension, our consolidated joint venture purchased a one-year interest rate cap for $15,010 with a SOFR strike rate equal to 3.10%, which replaced the previous interest rate cap with a SOFR strike rate equal to 3.04%. Subject to the satisfaction of certain conditions, our consolidated joint venture has the option to prepay the Mountain Floating Rate Loan in full or in part at any time at par with no premium.
The weighted average interest rates under our floating rate loans for the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2025202420252024
ILPT Floating Rate Loan (1)
6.71%6.18%6.71%6.18%
Mountain Floating Rate Loan (2)
5.87%5.81%5.84%5.95%
(1)Reflects the impact of interest rate caps, with a current SOFR strike rate equal to 2.78% which replaced the previous strike rate equal to 2.25% in October 2024. In June 2025, we repaid in full the ILPT Floating Rate Loan using proceeds from our $1,160,000 mortgage loan and cash on hand.
(2)Reflects the impact of interest rate caps, with a current SOFR strike rate equal to 3.10% which replaced the previous strike rate equal to 3.04% in March 2025.
The agreements governing certain of our indebtedness contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default. As of June 30, 2025, we believe that we were in compliance with all of the covenants and other terms under the agreements governing our debt obligations. See Note 10 for further information regarding our interest rate caps.
The required principal payments due during the next five years and thereafter, excluding extension options, under all our outstanding debt as of June 30, 2025 are as follows:
Principal
Payment
2025$9,483 
20261,419,499 
202720,224 
202820,989 
2029671,778 
Thereafter2,081,546 
Total$4,223,519