v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Notes Payable
Long-term debt balances, including associated interest rates and maturities consist of the following (in thousands):
 
Weighted average interest rate

December 31,
Maturity Date2025202420252024
Senior secured revolving credit facility20276.6%7.3%$95,050 $60,000 
Fixed rate mortgage notes payable
2026 to 2045
4.6%4.6%384,764 400,229 
Variable rate mortgage notes payable (1)
2026 to 2029
6.3%6.5%189,611 171,530 
Notes payable – consolidated VIE
2026 to 2027
6.6%7.2%21,690 21,690 
Notes payable – insurance
20265.6%6.9%2,004 1,707 
Total debt
$693,119 $655,156 
Deferred loan costs, net3,378 3,766 
Total debt, net of deferred loan costs$689,741 $651,390 
Current portion of debt, net7,291 15,486 
Long-term debt, net$682,450 $635,904 
(1) See “Note 15–Fair Value” for interest rate cap agreements on variable rate mortgage notes payable.
Summary of Aggregate Scheduled Maturities of Notes Payable
The following schedule summarizes our debt payable as of December 31, 2025 (in thousands):
Principal payments due in:
2026$8,606 
2027121,180 
2028134,395 
2029408,562 
203095 
Thereafter20,281 
Total debt, excluding deferred loan costs
$693,119