| Schedule of Debt Outstanding |
The following table summarizes the components of the Company’s indebtedness as of June 30, 2025 and December 31, 2024 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Margin Above SOFR | | Interest Rate 1 | | Contractual Maturity Date | | | | | | | | | | | | | Unsecured Debt: | | | | | | | | | | | | | | | | | | | | | | | Credit Facility | | $ | — | | | $ | 82,000 | | | 1.1% 2 | | n/a | | 1/15/2029 | 5-Year Term Loan | | 100,000 | | | 100,000 | | | 1.3% 2 | | 5.6 | % | | 1/15/2027 | 5-Year Term Loan | | 100,000 | | | 100,000 | | | 1.3% 2 | | 5.6 | % | | 1/15/2028 | | | | | | | | | | | | | | | | | | | | | | | $50M 10-Year Unsecured 3 | | 50,000 | | | 50,000 | | | n/a | | 4.0 | % | | 7/7/2026 | $50M 12-Year Unsecured 3 | | 50,000 | | | 50,000 | | | n/a | | 4.7 | % | | 10/31/2027 | $100M 7-Year Unsecured 3 | | 100,000 | | | 100,000 | | | n/a | | 2.4 | % | | 7/15/2028 | $100M 10-Year Unsecured 3 | | 100,000 | | | 100,000 | | | n/a | | 3.1 | % | | 12/3/2029 | $125M 9-Year Unsecured 3 | | 125,000 | | | 125,000 | | | n/a | | 2.4 | % | | 8/17/2030 | $50M 10-Year Unsecured 3 | | 50,000 | | | 50,000 | | | n/a | | 2.8 | % | | 7/15/2031 | | Total Unsecured Debt | | 675,000 | | | 757,000 | | | | | | | | | | | | | | | | | | | | Secured Debt: | | | | | | | | | | | | 280 Richards Street | | 72,879 | | | 72,879 | | | n/a | | 3.9 | % | | 3/1/2028 | | Total Secured Debt | | 72,879 | | | 72,879 | | | | | | | | | Total Unsecured and Secured Debt | | 747,879 | | | 829,879 | | | | | | | | | Less: Unamortized fair value adjustment and debt issuance costs | | (5,493) | | | (6,442) | | | | | | | | | Total | | $ | 742,386 | | | $ | 823,437 | | | | | | | |
1Reflects the contractual interest rate under the terms of each loan as of June 30, 2025. Excludes the effects of unamortized debt issuance costs. 2The interest rates on these loans are the Secured Overnight Financing Rate (“SOFR”) plus a SOFR margin. The SOFR margins will range from 1.10% to 1.55% (1.10% as of June 30, 2025) for the revolving credit facility and 1.25% to 1.75% (1.25% as of June 30, 2025) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment. 3Collectively, the “Senior Unsecured Notes”.
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| Schedule of Principal Payments |
The scheduled principal payments of the Company’s debt as of June 30, 2025 were as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Credit
Facility | | Term Loan | | Senior
Unsecured
Notes | | Mortgage
Loan
Payable | | Total Debt | | Remainder of 2025 | $ | — | | $ | — | | $ | — |
| $ | — | | $ | — | | 2026 | — | | — | | 50,000 | | — | | 50,000 | | 2027 | — | | 100,000 | | 50,000 | | — | | 150,000 | | 2028 | — | | 100,000 | | 100,000 | | 72,879 | | 272,879 | | 2029 | — | | — | | 100,000 | | — | | 100,000 | | Thereafter | — | | — | | 175,000 | | — | | 175,000 | | Subtotal | — | | 200,000 | | 475,000 | | 72,879 | | 747,879 | | Unamortized fair value adjustment | — | | — | | — | | (3,023) | | (3,023) | | Total Debt | — | | 200,000 | | 475,000 | | 69,856 | | 744,856 | | Deferred financing costs, net | — | | (502) | | (1,813) | | (155) | | (2,470) | | Total Debt, net | $ | — | | $ | 199,498 | | $ | 473,187 | | $ | 69,701 | | $ | 742,386 | | Weighted average interest rate | n/a | | 5.6% | | 3.0% | | 3.9% | | 3.8% |
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