Investments in Real Estate Debt
The following table details our investment in real estate debt as of December 31, 2024 ($ in thousands):
December 31, 2024
Number of Positions
Type of Loan Term loan
Coupon (1) B + 4.75%
Maturity Date
Cost Basis
Fair Value
1
June 2027
$
956,877 $
852,461
(1) The symbol “B” refers to the relevant benchmark rate, which is the three-month Bank Bill Swap Bid Rate (“BBSY”).
During June 2022, we provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of Australia’s largest hotel and casino company. The loan is in the amount of AUD 1,377 million and has an initial term of five years, with a two-year extension option. The loan is pre-payable at the option of the borrower at any time.
Lease Expirations The following table details the expiring leases at our industrial, office, and other properties by annualized base rent as of December 31, 2024 ($ in thousands). The table below excludes our multifamily, single-family rental and self-storage properties, as substantially all leases at such properties expire within 12 months:
Industrial
Office
Other Properties
Total
% of Total Annualized
% of Total Annualized
% of Total Annualized
% of Total Annualized
Base Rent Expiring
Base Rent Expiring
Base Rent Expiring
Base Rent Expiring
Annualized Base Rent (1)
Annualized Base Rent (1)
Annualized Base Rent (1)
Annualized Base Rent (1)
Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
$
19,706 22,884 27,197 14,982 14,452 12,690 5,562 2,924 6,819 1,305 2,278 130,799
7% $
6,839 13,125 13,264 11,619 7,860 18,129 24,888 9,115 29,234 6,017 3,062 143,152
2% $
1,636 2,978 1,841 4,757 3,143 2,159 1,957 1,234 2,104 1,259 4,166 27,234
1% $
28,181 38,987 42,302 31,358 25,455 32,978 32,407 13,273 38,157 8,581 9,506 301,185
10% 13% 14% 10% 9% 11% 11% 4% 13% 2% 3%
8% 9% 5% 5% 4% 2% 1% 2% 0% 1%
4% 4% 4% 3% 6% 8% 3%
1% 1% 1% 1% 1% 1% 0% 1% 0% 1%
10% 2% 1%
Thereafter
Total
$
44% $
47% $
9% $
100%
(1) Annualized base rent is determined from the annualized base rent per leased square foot of the applicable year and excludes tenant recoveries, straight-line rent and above-market and below-market lease amortization.
Certain operating leases contain early termination options that require advance notification and may include payment of penalty, which, in most cases, is substantial enough to be deemed economically disadvantageous by a tenant to exercise. As of December 31, 2024, approximately 1% of our industrial portfolio square footage and approximately 21% of our office portfolio square footage is subject to early termination provisions. Approximately 4% of our office portfolio that is subject to these early termination provisions have early termination dates prior to January 1, 2028. During the year ended December 31, 2024, two tenants exercised early lease termination provisions, impacting 56,747 square feet across our industrial and office properties, which represents 0.3% of our combined square footage owned across our industrial and office properties. During the year ended December 31, 2023, two tenants exercised early lease termination provisions, impacting 64,122 square feet across our industrial and office properties, which represents 0.3% of our combined square footage owned across our industrial and office properties.
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