NOTE 8 - NOTES PAYABLE The following table summarizes the Trust’s mortgage notes payable. | | | | | | | | | Principal Balance At | | | June 30, | | December 31, | | | 2025 | | 2024 | | | (in thousands) | Mortgage notes payable, net (a) | | $ | 501,056 | | $ | 508,644 | Mortgage notes payable, net, affiliates | | | 56,841 | | | 57,983 | Less unamortized debt issuance costs | | | 1,693 | | | 1,909 | | | $ | 556,204 | | $ | 564,718 |
| (a) | Includes $125,102 and $127,050 of variable rate mortgage debt that was swapped to a fixed rate at June 30, 2025 and December 31, 2024, respectively. |
We are required to make the following principal payments on our outstanding mortgage notes payable for each of the five succeeding fiscal years and thereafter as follows: | | | | Years ending December 31, | | Amount | | | (in thousands) | 2025 (July - December) | | $ | 47,789 | 2026 | | | 71,428 | 2027 | | | 79,071 | 2028 | | | 46,904 | 2029 | | | 91,238 | Thereafter | | | 221,467 | Total payments | | $ | 557,897 |
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