Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Consolidated Indebtedness

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

	Interest Rate at			Carrying Value at
	December 31,	December 31,	Maturity Date at	December 31,			December 31,
	2023	2022	December 31, 2023	2023			2022
Mortgages Payable
Core	3.99% - 5.89%	3.88% - 5.89%	Feb 2024 - Apr 2035	$	191,830		$	193,838
Fund II (a)	SOFR+2.61%	SOFR+2.61%	Aug 2025		137,485			133,655
Fund III	SOFR+3.75%	SOFR+3.35%	Oct 2025		33,000			35,970
Fund IV  (b)	SOFR+2.25% - SOFR+3.33%	LIBOR+2.25% - LIBOR+3.65%	Mar 2025 - Jun 2028		115,925			146,230
Fund V	SOFR + 1.61% - SOFR + 2.80%	LIBOR + 1.85% - SOFR + 2.76%	Feb 2024 - Jun 2028		458,960			426,224
Net unamortized debt issuance costs					(7,313	)		(7,621	)
Unamortized premium					240			343
Total Mortgages Payable				$	930,127		$	928,639
Unsecured Notes Payable
Core Term Loans (c)	SOFR+1.60% - SOFR+2.05%	3.74%-5.11%	Jun 2026 - Jul 2029	$	650,000		$	650,000
Fund V Subscription Facility	SOFR+3.05%	SOFR+1.86%	Jan 2024		80,600			51,210
Net unamortized debt issuance costs					(3,873	)		(5,076	)
Total Unsecured Notes Payable				$	726,727		$	696,134
Unsecured Line of Credit
Revolving credit facility (c)	SOFR+1.45%	SOFR+1.50%	Jun 2025	$	213,287		$	168,287
Total Debt (d)(e)				$	1,881,087		$	1,805,414
Net unamortized debt issuance costs					(11,186	)		(12,697	)
Unamortized premium					240			343
Total Indebtedness				$	1,870,141		$	1,793,060

a)The Company has a total commitment of $198.0 million on the Fund II mortgage.

b)Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million at December 31, 2023 and $39.2 million at December 31, 2022. The Operating Partnership has guaranteed up to $22.5 million of the Fund IV secured bridge facility (Note 9).

c)The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2023 and 2022 (Note 8).

d)Includes $1,249.8 million and $1,264.0 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 1.14% to 4.54%.

e)Includes $151.4 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 3.0% to 5.50%.

Scheduled Principal Repayments

The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of December 31, 2023 are as follows (in thousands):

Maturities
2024	$	333,174
2025		680,834
2026		437,087
2027		202,826
2028		130,959
Thereafter		96,207
		1,881,087
Unamortized premium		240
Net unamortized debt issuance costs		(11,186	)
Total indebtedness	$	1,870,141