| Schedule of Fixed-rate Mortgage Loans Payable |
Fixed-rate mortgage loans payable are composed of the following as of March 31, 2025:
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March 31, 2025 |
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Maturity |
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Balance |
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Contractual |
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Description |
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Amortization |
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date |
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outstanding |
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interest rate |
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Fixed-rate mortgage |
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Interest-only |
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5/1/2025 |
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$ |
25,519,000 |
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4.15 |
% |
|
Fixed-rate mortgage |
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Interest-only |
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9/2/2025 |
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24,420,000 |
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4.38 |
% |
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Fixed-rate mortgage |
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Interest-only |
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12/1/2025 |
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|
25,012,000 |
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4.59 |
% |
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Fixed-rate mortgage (a) |
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Interest-only |
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5/10/2026 |
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24,850,000 |
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4.66 |
% |
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Fixed-rate mortgage (a) |
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Interest-only |
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9/1/2026 |
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24,485,000 |
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3.82 |
% |
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Fixed-rate mortgage (a) |
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Interest-only |
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12/1/2026 |
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28,110,000 |
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4.06 |
% |
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Fixed-rate mortgage (a) |
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Interest-only |
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4/1/2027 |
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31,200,000 |
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4.38 |
% |
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Fixed-rate mortgage |
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Interest-only |
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6/6/2027 |
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32,722,000 |
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3.98 |
% |
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Fixed-rate mortgage (a) |
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Interest-only |
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9/1/2027 |
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36,860,000 |
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3.99 |
% |
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Fixed-rate mortgage |
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Interest-only |
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12/1/2027 |
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33,441,000 |
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4.09 |
% |
|
Fixed-rate mortgage (a) |
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Interest-only |
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1/11/2028 |
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35,840,000 |
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4.05 |
% |
|
Fixed-rate mortgage |
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Interest-only |
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2/1/2028 |
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38,530,000 |
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6.12 |
% |
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Fixed-rate mortgage (b) |
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Interest-only |
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2/1/2028 |
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26,900,000 |
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5.80 |
% |
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Fixed-rate mortgage |
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Interest-only |
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4/8/2028 |
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37,795,000 |
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4.27 |
% |
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Fixed-rate mortgage |
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Interest-only |
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7/1/2028 |
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43,522,000 |
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4.32 |
% |
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Fixed-rate mortgage |
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Interest-only |
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8/1/2029 |
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63,943,000 |
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4.03 |
% |
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Fixed-rate mortgage |
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Interest-only |
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10/1/2029 |
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30,231,000 |
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3.13 |
% |
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Fixed-rate mortgage |
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Interest-only |
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1/1/2031 |
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37,564,000 |
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3.45 |
% |
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$ |
600,944,000 |
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4.28 |
% |
(c) |
Unamortized issuance costs, net |
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(814,000 |
) |
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Unamortized below market debt discount, net |
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(14,019,000 |
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$ |
586,111,000 |
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(a)These fixed-rate mortgages are recourse loans pursuant to their pre-defined loan terms. (b)Mortgage bears interest at a variable-rate of 1.70% in excess of SOFR and concurrent with the closing of the mortgage, the Company entered into an interest rate swap agreement which effectively converted the variable-rate mortgage to a fixed-rate mortgage. Accordingly, this mortgage has been presented as a fixed-rate mortgage. (c)The weighted average interest rate pursuant to GAAP on mortgage loans payable was 5.23% as of March 31, 2025.
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| Summary of Scheduled Principal Payments on Outstanding Debt |
Scheduled principal payments on the Company's outstanding mortgage loans payable and revolving credit facilities are as follows:
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Mortgage loan payable |
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Year |
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balloon payments |
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Line of credit |
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Total |
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Remainder of 2025 |
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$ |
74,951,000 |
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$ |
- |
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$ |
74,951,000 |
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2026 |
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77,445,000 |
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- |
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77,445,000 |
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2027 |
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134,223,000 |
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82,452,000 |
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216,675,000 |
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2028 |
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182,587,000 |
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- |
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182,587,000 |
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2029 |
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94,174,000 |
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- |
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94,174,000 |
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Thereafter |
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37,564,000 |
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- |
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37,564,000 |
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$ |
600,944,000 |
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$ |
82,452,000 |
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$ |
683,396,000 |
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