Quarterly report [Sections 13 or 15(d)]

BORROWINGS (Tables)

v3.25.1
BORROWINGS (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings
Our borrowings as of March 31, 2025, and December 31, 2024, are summarized below (dollars in thousands):
  Carrying Value as of As of March 31, 2025
March 31, 2025 December 31, 2024
Stated Interest
Rates(1)
(Range; Wtd Avg)
 Maturity Dates
(Range; Wtd Avg)
Variable-rate revolving lines of credit $ 200  $ 3,600  6.31% 12/15/2033
Notes and bonds payable:
Fixed-rate notes payable $ 467,938  $ 493,363 
2.45%–6.97%; 3.70%
 4/14/2025–7/1/2051; December 2032
Fixed-rate bonds payable 32,826  32,946 
3.13%–4.57%; 3.85%
 7/24/2025–12/30/2030; Jan 2028
Total notes and bonds payable 500,764  526,309 
Debt issuance costs – notes and bonds payable (2,133) (2,387) N/A N/A
Notes and bonds payable, net $ 498,631  $ 523,922 
Total borrowings, net $ 498,831  $ 527,522 
(1)Where applicable, stated interest rates are before interest patronage (as described below).
The following table summarizes the pertinent terms of the MetLife Facility as of March 31, 2025 (dollars in thousands, except for footnotes):
Issuance Aggregate
Commitment		 Maturity
Dates		 Principal
Outstanding		   Interest Rate Terms  
Undrawn
Commitment(1)
MetLife Lines of Credit $ 75,000  12/15/2033 $ 200 
3M Term SOFR + 2.00%
(2)
 $ 74,800 
2020 MetLife Term Note 75,000 
(3)
 1/5/2030 36,254 
2.75%, fixed through 1/4/2030
(4)
 38,746 
2022 MetLife Term Note 100,000 
(3)
 1/5/2032 —  (4)

100,000 
Totals $ 250,000  $ 36,454  $ 213,546 
(1)Based on the properties that were pledged as collateral under the MetLife Facility, as of March 31, 2025, the maximum additional amount we could draw under the facility was approximately $110.0 million.
(2)The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit).
(3)If the aggregate commitments under the 2020 MetLife Term Note and the 2022 MetLife Term Note are not fully utilized by December 31, 2026, MetLife has no obligation to disburse the additional funds under either note.
(4)Interest rates on future disbursements under each of the 2020 MetLife Term Note and the 2022 MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2026, the 2020 MetLife Term Note and the 2022 MetLife Term Note are each subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the respective note).
Schedule of Aggregate Maturities
Scheduled principal payments of our aggregate notes and bonds payable as of March 31, 2025, for the succeeding years are as follows (dollars in thousands):
Period Scheduled Principal Payments
For the remaining nine months ending December 31: 2025 $ 31,710 
(1)
For the fiscal years ending December 31: 2026 16,967 
2027 50,111 
2028 76,457 
2029 151,876 
2030 84,961 
Thereafter 88,682 
$ 500,764 
(1)Subsequent to March 31, 2025, a loan of approximately $10.3 million that was originally scheduled to mature in 2025 was refinanced and extended for an additional five years.
Schedule of Borrowings by Type
We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2025, and December 31, 2024 (dollars in thousands):
Period Number of Instruments Aggregate Notional Amount
As of March 31, 2025 4 $ 66,647 
As of December 31, 2024 4 67,067 
The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of March 31, 2025, and December 31, 2024 (dollars in thousands):
Derivative Asset (Liability) Fair Value
Derivative Type Balance Sheet Location March 31, 2025 December 31, 2024
Derivatives Designated as Hedging Instruments:
Interest rate swaps Other assets, net $ 6,314  $ 7,632 
Total $ 6,314  $ 7,632 
The following table presents the amount of (loss) income recognized in comprehensive (loss) income within our condensed consolidated financial statements for the three months ended March 31, 2025 and 2024 (dollars in thousands):
For the Three Months Ended March 31,
2025 2024
Derivative in cash flow hedging relationship:
Interest rate swaps $ (1,318) $ 1,008 
Total $ (1,318) $ 1,008