v3.25.4
Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
Our outstanding indebtedness as of December 31, 2025 and December 31, 2024 is summarized below:
Number of
PropertiesPrincipalInterest
Carrying Value
EntitySecured ByBalance
Rate (1)
TypeMaturity
of Collateral
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 JV
821,400,000 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 
As of December 31, 2024
ILPT104$1,235,000 6.71%Floating10/09/2025$1,017,228 
ILPT186650,000 4.31%Fixed02/07/2029490,454 
ILPT17700,000 4.42%Fixed03/09/2032491,143 
Mountain JV821,400,000 5.81%Floating03/09/20251,802,396 
Mountain JV491,000 6.25%Fixed06/10/2030178,465 
Mountain JV110,020 3.67%Fixed05/01/203128,363 
Mountain JV111,636 4.14%Fixed07/01/203242,242 
Mountain JV126,200 4.02%Fixed10/01/203382,443 
Mountain JV136,684 4.13%Fixed11/01/2033127,960 
Mountain JV122,637 3.10%Fixed06/01/203545,070 
Mountain JV136,655 2.95%Fixed01/01/203696,321 
Mountain JV141,491 4.27%Fixed11/01/2037107,606 
Mountain JV146,506 3.25%Fixed01/01/2038110,346 
Total / weighted average4,307,829 5.51%$4,620,037 
Unamortized debt issuance costs(7,292)
Total indebtedness, net$4,300,537 
(1)Interest rates reflect the impact of interest rate caps, if any.
Schedule of Weighted Average Interest Rate Under Floating Rate Loans
The weighted average interest rates under our floating rate loans for the years ended December 31, 2025 and 2024 were as follows:

Year Ended December 31,
20252024
ILPT Floating Rate Loan (1)
6.71%6.26%
Mountain Floating Rate Loan (2)
5.85%5.88%
(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 3.10%, which replaced the previous strike rate equal to 3.04% in March 2025.
Schedule of the Principal Payments Due Under the Outstanding Debt
The required principal payments due during the next five years and thereafter, excluding extension options, under all our outstanding debt as of December 31, 2025 are as follows:
Principal
Payment
2026$1,419,499 
202720,224 
202820,989 
2029671,778 
20301,273,597 
Thereafter807,949 
Total$4,214,036