v3.26.1
Indebtedness
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
Our outstanding indebtedness as of March 31, 2026 and December 31, 2025 is summarized below:
Number of
PropertiesPrincipalInterest
Carrying Value
EntitySecured ByBalance
Rate (1)
TypeMaturity
of Collateral
As of March 31, 2026
ILPT186$650,000 4.31%Fixed02/07/2029$490,710 
ILPT1011,160,000 6.40%Fixed07/09/2030968,750 
ILPT
17700,000 4.42%Fixed03/09/2032477,624 
Mountain JV (2)
821,400,000 6.06%Floating03/09/20271,735,253 
Mountain JV491,000 6.25%Fixed06/10/2030172,627 
Mountain JV (2)
18,248 3.67%Fixed05/01/203128,320 
Mountain JV (2)
19,960 4.14%Fixed07/01/203240,658 
Mountain JV (2)
123,032 4.02%Fixed10/01/203379,506 
Mountain JV (2)
132,318 4.13%Fixed11/01/2033125,723 
Mountain JV (2)
120,311 3.10%Fixed06/01/203543,538 
Mountain JV (2)
133,094 2.95%Fixed01/01/203692,836 
Mountain JV (2)
138,399 4.27%Fixed11/01/2037103,672 
Mountain JV (2)
142,867 3.25%Fixed01/01/2038106,433 
Total / weighted average4,209,229 5.50%$4,465,650 
Unamortized debt issuance costs(19,798)
Total indebtedness, net$4,189,431 
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.
(2)In April 2026, our consolidated joint venture priced a $1,620,000 five year, fixed rate, interest only mortgage loan at 5.71%. This mortgage loan is expected to close on or about May 8, 2026 and our consolidated joint venture expects to use the net proceeds to repay these loans in full.
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.
Our consolidated joint venture’s $1,400,000 loan, or the Mountain Floating Rate Loan, is secured by 82 properties, matures in March 2027 and requires that interest be paid at an annual rate of secured overnight financing rate, or SOFR, plus a weighted average premium of 2.77%. In March 2026, our consolidated joint venture exercised the third of its three, one-year extension options for the maturity date of this loan. In connection with the exercise of the extension, our consolidated joint venture purchased a one-year interest rate cap for $3,720 with a SOFR strike rate equal to 3.29%, which replaced the previous interest rate cap with a SOFR strike rate equal to 3.10%. Subject to the satisfaction of certain conditions, our consolidated joint venture has the option to prepay the Mountain Floating Rate Loan in full or in part at any time at par with no premium.
In April 2026, our consolidated joint venture priced a $1,620,000 five year, fixed rate, interest only mortgage loan to be secured by 90 of its properties. This mortgage loan is expected to close on or about May 8, 2026 and our consolidated joint venture expects to use the net proceeds from this mortgage loan to repay in full the Mountain Floating Rate Loan and $204,999 of its amortizing fixed rate debt secured by eight properties.
The weighted average interest rates under our floating rate loans for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31,
20262025
ILPT Floating Rate Loan (1)
—%6.71%
Mountain Floating Rate Loan (2)
5.90%5.82%
(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% which replaced the previous strike rate equal to 2.25% in October 2024.
(2)Reflects the impact of interest rate caps with a current SOFR strike rate equal to 3.29% which 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 March 31, 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 current and former interest rate caps.
The required principal payments due during the next five years and thereafter, excluding extension options, under all our outstanding debt as of March 31, 2026 are as follows:
Principal
Payment
2026$14,692 
20271,420,224 
202820,989 
2029671,778 
20301,273,597 
Thereafter807,949 
Total$4,209,229