v3.25.2
Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding 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.
Schedule of Weighted Average Interest Rate Under Floating Rate Loans
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.
Schedule of the Principal Payments Due Under the Outstanding Debt
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