v3.25.2
Debt (Tables)
6 Months Ended
Jun. 30, 2025
Mortgages  
Debt Instrument [Line Items]  
Summary of debt

Weighted Average

Effective

   

Interest Rate (1)

  

June 30, 2025

   

December 31, 2024

(In thousands)

Variable rate (2)

 

5.57%

$

545,900

$

587,254

Fixed rate (3)

 

5.22%

 

1,009,519

 

1,196,479

Mortgage loans

 

1,555,419

 

1,783,733

Unamortized deferred financing costs and premium / discount, net

 

(14,749)

 

(16,560)

Mortgage loans, net

$

1,540,670

$

1,767,173

(1)Weighted average effective interest rate as of June 30, 2025.
(2)Includes variable rate mortgage loans with interest rate cap agreements. For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.15%, and the weighted average maturity date of the interest rate caps is in the second quarter of 2026. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of June 30, 2025, one-month term Secured Overnight Financing Rate ("SOFR") was 4.32%.
(3)Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements.
Line of credit  
Debt Instrument [Line Items]  
Summary of debt

Effective

    

Interest Rate (1)

June 30, 2025

    

December 31, 2024

(In thousands)

Revolving credit facility (2) (3)

 

6.04%

$

226,000

$

85,000

Tranche A-1 Term Loan (4)

 

5.44%

$

200,000

$

200,000

Tranche A-2 Term Loan (5)

 

4.30%

 

400,000

 

400,000

2023 Term Loan (6)

5.51%

120,000

120,000

Term loans

 

  

 

720,000

 

720,000

Unamortized deferred financing costs, net

 

  

 

(1,748)

 

(2,147)

Term loans, net

 

  

$

718,252

$

717,853

(1)Effective interest rate as of June 30, 2025. The interest rate for our revolving credit facility excludes a 0.20% facility fee.
(2)As of June 30, 2025, daily SOFR was 4.45%. As of December 31, 2024, a $15.2 million letter of credit was outstanding under our revolving credit facility, which was cancelled on April 1, 2025.
(3)As of June 30, 2025 and December 31, 2024, excludes $5.8 million and $7.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets.
(4)The interest rate swaps fix SOFR at a weighted average interest rate of 4.00% through the extended maturity date of January 2027.
(5)The interest rate swaps fix SOFR at a weighted average interest rate of 2.81% through the maturity date.
(6)The interest rate swap fixes SOFR at an interest rate of 4.01% through the maturity date.