
	June 30, 2025		December 31, 2024		Margin Above SOFR	Interest Rate 1		Contractual Maturity Date

Unsecured Debt:

Credit Facility	$	—	$	82,000	1.1% 2	n/a		1/15/2029
5-Year Term Loan	100,000		100,000		1.3% 2	5.6	%	1/15/2027
5-Year Term Loan	100,000		100,000		1.3% 2	5.6	%	1/15/2028


$50M 10-Year Unsecured 3	50,000		50,000		n/a	4.0	%	7/7/2026
$50M 12-Year Unsecured 3	50,000		50,000		n/a	4.7	%	10/31/2027
$100M 7-Year Unsecured 3	100,000		100,000		n/a	2.4	%	7/15/2028
$100M 10-Year Unsecured 3	100,000		100,000		n/a	3.1	%	12/3/2029
$125M 9-Year Unsecured 3	125,000		125,000		n/a	2.4	%	8/17/2030
$50M 10-Year Unsecured 3	50,000		50,000		n/a	2.8	%	7/15/2031
Total Unsecured Debt	675,000		757,000

Secured Debt:
280 Richards Street	72,879		72,879		n/a	3.9	%	3/1/2028
Total Secured Debt	72,879		72,879
Total Unsecured and Secured Debt	747,879		829,879
Less: Unamortized fair value adjustment and debt issuance costs	(5,493)		(6,442)
Total	$	742,386	$	823,437

2The interest rates on these loans are the Secured Overnight Financing Rate (“SOFR”) plus a SOFR margin. The SOFR margins will range from 1.10% to 1.55% (1.10% as of June 30, 2025) for the revolving credit facility and 1.25% to 1.75% (1.25% as of June 30, 2025) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment.

The Company’s Sixth Amended and Restated Senior Credit Agreement (as amended, the “Amended Facility”) consists of a $600.0 million revolving credit facility that matures in January 2029, a $100.0 million term loan that matures in January 2027 and a $100.0 million term loan that matures in January 2028. As of June 30, 2025, there were no borrowings outstanding on the revolving credit facility and $200.0 million of borrowings outstanding on the term loans. As of December 31, 2024, there were $82.0 million of borrowings outstanding on the revolving credit facility and $200.0 million of borrowings outstanding on the term loans.

The aggregate amount of the Amended Facility may be increased by up to an additional $450.0 million to a maximum aggregate amount not to exceed $1.25 billion, subject to the approval of the administrative agent and the identification of lenders willing to make available additional amounts. Outstanding borrowings under the Amended Facility are limited to the lesser of (i) the sum of the $600.0 million revolving credit facility, the $100.0 million term loan maturing in January 2027 and the $100.0 million term loan maturing in January 2028, or (ii) 60.0% of the value of the unencumbered properties. Interest on the Amended Facility, including the term loans, is generally to be paid based upon, at the Company’s option, either (i) SOFR plus the applicable SOFR margin or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, 0.50% above the federal funds effective rate, thirty-day SOFR plus the applicable SOFR margin for SOFR rate loans under the Amended Facility plus 1.25%, or 1.25% per annum. The applicable SOFR margin will range from 1.10% to 1.55% (1.10% as of June 30, 2025) for the revolving credit facility and 1.25% to 1.75% (1.25% as of June 30, 2025) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment. The Amended Facility requires quarterly payments of an annual facility fee in an amount ranging from 0.15% to 0.30%, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value.

The Amended Facility and the Senior Unsecured Notes are guaranteed by the Company and by substantially all of the current and to-be-formed subsidiaries of the Company that own an unencumbered property. The Amended Facility and the Senior Unsecured Notes are not secured by the Company’s properties or by interests in the subsidiaries that hold such properties. The Amended Facility and the Senior Unsecured Notes include a series of financial and other covenants with which the Company must comply. The Company was in compliance with the covenants under the Amended Facility and the Senior Unsecured Notes as of June 30, 2025 and December 31, 2024.

As of June 30, 2025, the Company had one mortgage loan payable totaling approximately $69.7 million, net of deferred financing costs of $0.2 million and unamortized fair value adjustment of approximately $3.0 million, which bore interest at a weighted average fixed annual rate of 3.9%. The mortgage loan payable is collateralized by one property, is non-recourse and requires monthly interest payments until it matures in March 2028. As of December 31, 2024, the Company had one mortgage loan payable totaling approximately $69.1 million, net of deferred financing costs of $0.2 million and unamortized fair value adjustment of approximately $3.6 million.

The scheduled principal payments of the Company’s debt as of June 30, 2025 were as follows (dollars in thousands):


	Credit Facility		Term Loan		Senior Unsecured Notes		Mortgage Loan Payable		Total Debt
Remainder of 2025	$	—	$	—	$	—	$	—	$	—
2026	—		—		50,000		—		50,000
2027	—		100,000		50,000		—		150,000
2028	—		100,000		100,000		72,879		272,879
2029	—		—		100,000		—		100,000
Thereafter	—		—		175,000		—		175,000
Subtotal	—		200,000		475,000		72,879		747,879
Unamortized fair value adjustment	—		—		—		(3,023)		(3,023)
Total Debt	—		200,000		475,000		69,856		744,856
Deferred financing costs, net	—		(502)		(1,813)		(155)		(2,470)
Total Debt, net	$	—	$	199,498	$	473,187	$	69,701	$	742,386
Weighted average interest rate	n/a		5.6%		3.0%		3.9%		3.8%