v3.26.1
Indebtedness
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
Our outstanding indebtedness as of June 30, 2026 and December 31, 2025 is summarized below:
Number of
PropertiesPrincipalInterest
Carrying Value
EntitySecured ByBalance
Rate (1)
TypeMaturity
of Collateral
As of June 30, 2026
ILPT186$650,000 4.31%Fixed02/07/2029$492,224 
ILPT1011,160,000 6.40%Fixed07/09/2030950,265 
ILPT
17700,000 4.42%Fixed03/09/2032473,773 
Mountain JV491,000 6.25%Fixed06/10/2030171,261 
Mountain JV901,620,000 5.71%Fixed05/11/20312,338,231 
Total / weighted average4,221,000 5.48%$4,425,754 
Unamortized debt issuance costs(37,251)
Total indebtedness, net$4,183,749 
As of December 31, 2025
ILPT186$650,000 4.31%Fixed02/07/2029$489,987 
ILPT1011,160,000 6.40%Fixed07/09/2030976,178 
ILPT17700,000 4.42%Fixed03/09/2032481,374 
Mountain JV821,400,000 5.87%Floating03/09/20261,749,546 
Mountain JV491,000 6.25%Fixed06/10/2030173,992 
Mountain JV18,609 3.67%Fixed05/01/203128,492 
Mountain JV110,302 4.14%Fixed07/01/203240,975 
Mountain JV123,678 4.02%Fixed10/01/203380,094 
Mountain JV133,209 4.13%Fixed11/01/2033126,170 
Mountain JV120,784 3.10%Fixed06/01/203543,871 
Mountain JV133,817 2.95%Fixed01/01/203693,533 
Mountain JV139,031 4.27%Fixed11/01/2037104,474 
Mountain JV143,606 3.25%Fixed01/01/2038107,217 
Total / weighted average4,214,036 5.43%$4,495,903 
Unamortized debt issuance costs(20,842)
Total indebtedness, net$4,193,194 
(1)Interest rate reflects the impact of interest rate caps, if any.
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.
In May 2026, our consolidated joint venture obtained a $1,620,000 fixed rate, interest only mortgage loan secured by 90 of its properties. This mortgage loan matures in May 2031 and requires that interest be paid at an annual rate of 5.71%. Subject to a 24 month prepayment lockout period and the satisfaction of certain other conditions, our consolidated joint venture has the option to prepay its $1,620,000 mortgage loan in full or in part with a premium prior to November 2030 and at par with no premium beginning from November 2030. Our consolidated joint venture used the proceeds from this mortgage loan to repay in full its $1,400,000 loan, or the Mountain Floating Rate Loan, and $204,999 of its amortizing fixed rate debt. The Mountain Floating Rate Loan was secured by 82 properties, was scheduled to mature in March 2027 and required that interest be paid at an annual rate of secured overnight financing rate, or SOFR, plus a weighted average premium of 2.77%. The amortizing fixed rate debt repaid was secured by eight properties with a weighted average interest rate of 3.66%. In connection with the repayment of the Mountain Floating Rate Loan and $204,999 of amortizing fixed rate debt, we recognized a $3,830 loss on extinguishment of debt.
The weighted average interest rates under our floating rate loans for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
ILPT Floating Rate Loan (1)
—%6.71%—%6.71%
Mountain Floating Rate Loan (2)
6.06%5.87%5.99%5.84%
(1)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. Reflects the impact of interest rate caps which, prior to the repayment, had a SOFR strike rate equal to 2.78% that replaced the previous strike rate equal to 2.25% in October 2024.
(2)In May 2026, our consolidated joint venture repaid in full the Mountain Floating Rate Loan using proceeds from its $1,620,000 mortgage loan. Reflects the impact of interest rate caps which, prior to the repayment, had a SOFR strike rate equal to 3.29% that replaced the previous strike rate equal to 3.10% in March 2026.
The agreements governing certain of our indebtedness contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default. As of June 30, 2026, we believe that we were in compliance with all of the covenants and other terms under the agreements governing our debt obligations. See Note 10 for further information regarding our former interest rate caps.
The required principal payments due during the next five years and thereafter under all our outstanding debt as of June 30, 2026 are as follows:
Principal
Payment
2026$— 
2027— 
2028— 
2029650,000 
20301,251,000 
Thereafter2,320,000 
Total$4,221,000