Debt (Tables)

6 Months Ended

Jun. 30, 2026

A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):


			Carrying Value as of
	Interest Rate as of	Maturity Date as of	June 30,	December 31,
	June 30, 2026	June 30, 2026	2026	2025
Mortgages Payable
REIT Portfolio	3.99% - 6.05%	Nov 2026 - Apr 2035	$226,501	$227,684
Fund II (a)			—	137,500
Fund IV	5.62%	Jun 2028	25,939	27,249
Fund V	SOFR+1.40% - SOFR+3.10%	Dec 2026 - Apr 2030	229,311	505,184
Net unamortized debt issuance costs			(2,180)	(4,599)
Unamortized premium			474	926
Total Mortgages Payable			$480,045	$893,944

Unsecured Notes Payable
Term Loans (b, c)	SOFR+1.15% - SOFR+1.20%	May 2030 - Apr 2031	$837,500	$725,000
Senior Notes	5.86% - 5.94%	Aug 2027 - Aug 2029	100,000	100,000
Term Loan A-3	SOFR+1.15%	Apr 2031	137,500	—
Fund IV Term Loan	SOFR+1.20%	Dec 2028	52,250	61,250
Net unamortized debt issuance costs			(13,600)	(6,788)
Total Unsecured Notes Payable			$1,113,650	$879,462

Unsecured Line of Credit
Revolving Credit Facility (c, d)	SOFR+1.00%	Apr 2030	$43,323	$89,500

Total Debt (e)(f)			$1,652,324	$1,873,367
Net unamortized debt issuance costs			(15,780)	(11,387)
Unamortized premium			474	926
Total Indebtedness			$1,637,018	$1,862,906

(a)

In connection with the refinance of the secured mortgage loan related to a Fund II asset during the three months ended June 30, 2026, the Operating Partnership's $20.0 million recourse guarantee of principal payments associated with this mortgage loan was extinguished.

(b)

The $75.0 Million Term Loan is guaranteed by the Trust and certain subsidiaries of the Trust (Note 9).

(c)

The Company has entered into various swap agreements to effectively fix its interest costs on a portion of the Revolving Credit Facility and term loans as of June 30, 2026 and December 31, 2025 (Note 8).

(d)

The total available credit under the Revolving Credit Facility was $481.7 million and $435.5 million at June 30, 2026 and December 31, 2025, respectively. There are no letters of credit outstanding.

(e)

As of June 30, 2026 and December 31, 2025, the Company had $1,034.2 million and $1,216.7 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.98% to 4.50%.

(f)

Includes $32.2 million of variable-rate debt that is subject to interest cap agreements at each June 30, 2026 and December 31, 2025. The effective fixed rate was 5.00%.

Scheduled Principal Repayments

The following table summarizes the scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of June 30, 2026 (in thousands):


Year Ending December 31,	Principal Repayments
2026 (Remainder)	$	161,782
2027		106,029
2028		150,384
2029		182,889
2030		400,173
Thereafter		651,067
		1,652,324
Unamortized premium		474
Net unamortized debt issuance costs		(15,780	)
Total indebtedness (a)	$	1,637,018

(a)

The table does not reflect available extension options. The Company has the option to extend $160.3 million, $48.5 million, and $55.0 million of maturities in 2026, 2027, and 2028, respectively, subject to customary conditions.