Debt (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Debt |
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| Schedule of principal payments on mortgage loans payable and revolving credit facilities |
| | | | 2026 | | $ | 33,616 | 2027 | | | 14,021 | 2028 | | | 198,876 | 2029 | | | 200,879 | 2030 | | | 177,932 | Thereafter | | | 320,921 | | | $ | 946,245 |
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| Mortgage notes |
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| Debt |
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| Schedule of debt |
| | | | | | | | | | | | | Weighted average | | Weighted average | | | | | | | | | contractual | | maturity | | Principal Balance Outstanding | Indebtedness | | interest rate | | dates | | December 31, 2025 | | December 31, 2024 | ABS Program(1) | | | | | | | | | | | $338,300(2) Series 2025-1, Class A | | 5.14 | % | 11/25/2055 | | $ | 92,493 | | $ | — | $98,700(3) Series 2025-1, Class B | | 5.33 | % | 11/25/2055 | | | 26,985 | | | — | $56,400(4) Series 2025-1, Class C | | 6.07 | % | 11/25/2055 | | | 15,420 | | | — | Total / Weighted average(5) | | 5.28 | % | 11/25/2055 | | | 134,898 | | | — | Mortgages | | 3.94 | % | 3/21/2030 | | | 782,757 | | | 828,621 | Deferred financing activities | | | | | | | (13,303) | | | (13,098) | Mortgages payable, net | | | | | | $ | 904,352 | | $ | 815,523 |
| (1) | Amounts shown excludes notes issued under the ABS Program allocated to New NMNL II related to properties contributed by such entity for which an intercreditor agreement relates. The ABS Program is cross collateralized by properties contributed by each of NMNL II and the Company. Notwithstanding the cross-collateralization, each of the Company and NMNL II retains independent ownership of the assets it contributes to the ABS Program. While the Company and NMNL II entered into an intercreditor agreement designed to allocate liabilities associated with the ABS Program pro rata based on the assets each party finances and provides for indemnification between each of NMNL II and the Company with respect to any liabilities arising from assets contributed by such party, such intercreditor agreement may not prevent the Company from experiencing losses related to properties contributed by NMNL II. |
| (2) | Series 2025-1, Class A includes $245,807 allocated to NMNL II related to properties contributed by such entity for which an intercreditor agreement relates. |
| (3) | Series 2025-1, Class B includes $71,715 allocated to NMNL II related to properties contributed by such entity for which an intercreditor agreement relates. |
| (4) | Series 2025-1, Class C includes $40,980 allocated to NMNL II related to properties contributed by such entity for which an intercreditor agreement relates. |
| (5) | Weighted on basis of total issuance, including both the portion of the notes related to properties contributed by the Company and NMNL. |
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| Affiliated line of credit |
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| Debt |
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| Schedule of debt |
| | | | | | | | | | | | | Total Amount Outstanding | Entity | | Interest Rate | | December 31, 2025 | | December 31, 2024 | NEWLEASE Operating Partnership, L.P. | | Variable (1) | | $ | — | | $ | — |
(1) | The interest rate is equal to the Daily Simple SOFR rate (rounded to the nearest 1/100th) + 2.35%. The weighted average interest rate for the year ended December 31, 2025 was 6.59%. |
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| Revolving line of credit |
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| Debt |
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| Schedule of debt |
| | | | | | | | | Total Amount Outstanding | Indebtedness | | December 31, 2025 | | December 31, 2024 | Revolving credit facility(1) | | $ | 28,590 | | $ | 88,000 | Deferred financing costs | | | (822) | | | — | Revolving credit facility, net | | $ | 27,768 | | $ | 88,000 |
(1) | The interest rate is equal to the Daily Simple SOFR rate (rounded to the nearest 1/100th) + 2.75%. The weighted average interest rate for the year ended December 31, 2025 was 6.99% and the weighted average interest rate for the year ended December 31, 2024 was 6.62%. |
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| Aggregation Facility |
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| Debt |
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| Schedule of debt |
| | | | | | | | | Total Amount Outstanding | Indebtedness | | December 31, 2025 | | December 31, 2024 | Aggregation facility(1) | | $ | — | | $ | — |
(1) | The interest rate is equal to the Daily Simple SOFR rate (rounded to the nearest 1/100th) + 2.00%. The weighted average interest rate for nine-month period ended December 31, 2025 was 6.64%. |
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