v3.26.1
Secured Notes Payable, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Secured Notes Payable
Description
Maturity
Date(1)
Principal Balance as of March 31, 2026Principal Balance as of December 31, 2025
Variable Interest Rate(2)
Fixed Interest
Rate(3)
Swap Maturity Date
(In thousands)
Consolidated Wholly-Owned Subsidiaries
Term loan8/15/2026$415,000 $415,000 
SOFR + 1.20%
N/AN/A
Term loan9/19/2026366,000 366,000 
SOFR + 1.25%
N/AN/A
Term loan11/1/2026400,000 400,000 
SOFR + 1.25%
N/AN/A
Term loan5/18/2028300,000 300,000 
SOFR + 1.51%
2.21%6/1/2026
Term loan1/1/2029300,000 300,000 
SOFR + 1.56%
2.66%1/1/2027
Fannie Mae loan4/1/2030127,200 127,200 N/A4.99%N/A
Fannie Mae loans(4)
9/1/2030941,477 941,477 N/A4.80%N/A
Construction loan(5)
12/10/203066,565 49,506 
SOFR + 2.45%
5.80%1/1/2030
Term loan(6)
3/3/2032335,000 336,639 N/A4.57%N/A
Term loan7/29/2032200,000 200,000 
SOFR + 2.00%
5.60%8/1/2030
Fannie Mae loan(7)
8/1/2033350,000 350,000 
SOFR + 1.37%
3.65%6/1/2027
Term loan(8)
6/1/203825,553 25,795 N/A4.55%N/A
Total Wholly-Owned Subsidiary Debt3,826,795 3,811,617 
Consolidated JVs
Term loan(9)
5/15/2027380,000 380,000 
SOFR + 1.45%
N/AN/A
Term loan8/19/2028565,000 565,000 
SOFR + 1.45%
4.79%12/5/2027
Term loan9/14/2028115,000 115,000 
SOFR + 1.46%
2.19%10/1/2026
Term loan(10)
12/11/2028325,000 325,000 
SOFR + 2.50%
6.36%1/5/2028
Term loan(11)
4/26/2029175,000 175,000 
SOFR + 1.25%
3.90%5/1/2026
Fannie Mae loan6/1/2029160,000 160,000 
SOFR + 1.09%
3.25%7/1/2027
Term loan(12)
1/9/203061,750 61,750 N/A6.00%N/A
Total Consolidated Debt(13)
5,608,545 5,593,367 
Unamortized loan premium/discount, net(14)
1,167 1,085 
Unamortized deferred loan costs, net(15)
(42,416)(45,582)
Total Consolidated Debt, net$5,567,296 $5,548,870 
_______________________________________________________________________
Except as noted below, our loans: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents.  Certain loans with maturity date extension options require us to meet minimum financial thresholds in order to extend the loan maturity date.
(1)Maturity dates include extension options.
(2)All of our floating rate debt agreements include a zero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor.
(3)Effective rate as of March 31, 2026. Includes the effect of interest rate swaps (if applicable) and excludes the effect of points and prepaid loan fees, and loan premiums/discounts. See Note 9 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums/discounts.
(4)Comprised of eight loans with the same terms.
(5)The construction loan will provide up to $375 million, including interest, for redevelopment of our Landmark Residences project in Brentwood. The loan has a floating interest rate. We entered into accreting swaps starting January 2, 2026 that mature January 1, 2030. As of March 31, 2026, the swaps effectively fix 81% of the loan at an interest rate of 5.80% with the remainder of the loan floating at SOFR + 2.45%. We made certain guarantees related to the loan, including the completion of the development project.
(6)The loan consists of a $200 million note that bears interest at 4.5%, of which 2.825% is accrued, and a $135 million note that accrues interest at 6.0%. The accrued interest for both notes is due at maturity and is not subject to compounding. See Note 8 regarding the accrued interest on the loan. The weighted average face rate on the principal balance is 5.10%, and the effective rate as a result of the non-compounding is 4.57%. The loan includes a revolving credit facility of $12.5 million, which accrues interest at 5.5%. As of March 31, 2026, there was no balance outstanding on the revolving credit facility.
(7)The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026. $380 million of swaps were previously associated with other debt that we paid off in August 2025. They continue to hedge our remaining floating rate debt. For purposes of this table we have applied $350.0 million to this loan and the remaining $30.0 million has been applied to our pool of floating rate debt.
(8)The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule.
(9)The interest rate cap which capped the interest rate at 7.45% expires in May 2026.
(10)The loan requires monthly payments of principal and interest for twelve months commencing on January 5, 2028 based upon a 25-year principal amortization schedule.
(11)We guaranteed the portion of the loan principal that would need to be paid down in order to meet the minimum debt yield in the loan agreement. See "Guarantees" in Note 15.
(12)The interest rate is fixed at 6% until July 8, 2027 and then increases to 6.25% for the remaining term of the loan.
(13)See Note 12 for our debt fair value disclosures.
(14)Balances are net of accumulated amortization/accretion of $1.0 million and $1.1 million at March 31, 2026 and December 31, 2025, respectively.
(15)Balances are net of accumulated amortization of $59.2 million and $55.8 million at March 31, 2026 and December 31, 2025, respectively.

The table below summarizes our consolidated fixed and floating rate debt. The statistics include the impact of $30.0 million of swaps and $472.0 million of caps that are not assigned to loans in the debt table at the beginning of this footnote.
(In thousands)Principal Balance as of March 31, 2026Principal Balance as of December 31, 2025
Aggregate swap-fixed rate loans$2,574,100 $2,520,000 
Aggregate fixed rate loans1,490,980 1,492,861 
Aggregate capped rate loans1,202,000 1,202,000 
Aggregate floating rate loans341,465 378,506 
Total Debt$5,608,545 $5,593,367 

The table below summarizes certain consolidated debt statistics as of March 31, 2026. The statistics include the impact of $30.0 million of swaps (maturing June 1, 2027) that are not assigned to loans in the debt table at the beginning of this footnote.

Statistics for consolidated loans with interest fixed under the terms of the loan or a swap
Principal balance (in thousands)$4,065,080
Weighted average remaining life (including extension options)4.0 years
Weighted average remaining fixed interest period2.7 years
Weighted average annual interest rate4.41%
Schedule of Minimum Future Principal Payments
At March 31, 2026, the minimum future principal payments due on our consolidated secured notes payable were as follows:
Twelve months ending March 31,
Including Maturity Extension Options(1)
(In thousands)
2027$1,181,999 
2028381,045 
20291,606,094 
2030397,894 
20311,136,440 
Thereafter905,073 
Total future principal payments$5,608,545 
________________________________________________
(1)     Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.
Schedule of Loan Costs and Amortization of Deferred Loan Costs
The table below presents loan premium and loan costs, which are included in Interest expense on our consolidated statements of operations:
 Three Months Ended March 31,
(In thousands)20262025
Loan premium/discount (amortized)/accreted and written off, net$83 $83 
Deferred loan costs amortized and written off3,437 2,457 
Loan costs expensed— 14 
Total$3,520 $2,554