v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
As of March 31, 2026 and December 31, 2025, the Company’s consolidated debt consisted of the following (dollars in thousands):
Carrying Value
March 31, 2026December 31, 2025Contractual Interest 
Rate
Effective Interest Rate (1)
Loan
Maturity (2)
Secured Debt
BOA II Loan(3)
$90,610 $90,610 4.32%4.37%May 2028
Georgia Mortgage Loan(4)
37,722 37,722 5.31%5.31%November 2029
Illinois Mortgage Loan(5)
23,000 23,000 6.51%6.60%November 2029
Florida Mortgage Loan(6)
49,604 49,604 5.48%5.48%May 2032
Total Secured Debt 200,936 200,936 5.08%
Unsecured Debt(7)
Revolving Loan (8)
— — 
SOF Rate + 1.65%
—%July 2028
2028 Term Loan I110,000 110,000 
SOF Rate + 1.60%
5.36%July 2028
2028 Term Loan II175,000 175,000 
SOF Rate + 1.60%
5.36%
October 2028 (9)
Total Unsecured Debt285,000 285,000 5.36%
Total Debt485,936 485,936 5.24%
Unamortized Deferred Financing Costs, Premiums, and Discounts, net(10,823)(11,930)
Total Debt, net$475,113 $474,006 
(1)The Effective Interest Rate is calculated on a weighted average basis, using the Actual/360 interest method (where applicable), and is inclusive of the Company's floating to fixed interest rate swaps maturing on July 1, 2029 and have the effect of converting the applicable Secured Overnight Financing Rate (SOFR) to a weighted average fixed rate of 3.58%. The Effective Interest Rate is calculated based on the face value of debt outstanding (i.e., excludes debt premium/discount and debt financing costs). When adjusting for the effect of amortization of discounts/premiums and deferred financing costs, and excluding the impact of interest rate swaps, the Company’s weighted average effective interest rate was 5.48%.
(2)Reflects the loan maturity dates as of March 31, 2026.
(3)The BOA II Loan has a fixed-rate of interest and is secured by two properties located in Chicago, Illinois and Columbus, Ohio.
(4)The Georgia Mortgage Loan has a fixed-rate of interest and is secured by a property in Savannah, Georgia.
(5)The Illinois Mortgage Loan has a fixed-rate of interest and is secured by a property in Chicago, Illinois.
(6)The Florida Mortgage Loan has a fixed-rate of interest and is secured by a property in Jacksonville, Florida.
(7)The Contractual Interest Rate for the Company’s unsecured debt uses the applicable SOFR. As of March 31, 2026, the applicable rates were 3.63% (SOFR, as calculated per the credit facility), plus spreads of 1.60% (2028 Term Loan I), 1.60% (2028 Term Loan II), and 1.65% (Revolving Loan) and a 0.1% index.
(8)The Revolving Loan was paid down to zero in December 2025.
(9)The 2028 Term Loan II has a contractual maturity of October 31, 2027. We have a one-year option to extend the maturity date to October 31, 2028, subject to certain conditions.
Second Amended and Restated Credit Agreement
As of March 31, 2026, the Second Amended and Restated Credit Agreement dated as of April 30, 2019 as amended by the following documents (collectively, the “Second Amended and Restated Credit Agreement”): First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020 (the “First Amendment”), Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020 (the “Second Amendment”), Third Amendment to the Second Amended and Restated Credit Agreement dated as of July 14, 2021 (the “Third Amendment”), Fourth Amendment to the Second Amended and Restated Credit Agreement dated as of April 28, 2022 (the “Fourth Amendment”), Fifth Amendment to the Second Amended and Restated Credit Agreement dated as of September 28, 2022 (the “Fifth Amendment”), Sixth Amendment to the Second Amended and Restated Credit Agreement dated as of November 30, 2022 (the “Sixth Amendment”), Seventh Amendment to the Second Amended and Restated Credit Agreement dated as of March 21, 2023 (the “Seventh Amendment”), Eighth Amendment to the Second Amended and Restated Credit Agreement dated as of July 25, 2024 (the “Eighth Amendment”) and Ninth Amendment to the Second Amended and Restated Credit Agreement dated as of October 31, 2024 (the “Ninth Amendment”) and Tenth Amendment to the Second Amended and
Restated Credit Agreement dated as of December 19, 2025 (the “Tenth Amendment”), with KeyBank National Association (“KeyBank”) as administrative agent, and a syndicate of lenders, provided the Operating Partnership, as the borrower, with a $832.0 million credit facility (with the right to elect to increase total commitments to $1.3 billion) consisting of (i) a $547.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”), under which the Operating Partnership has no amounts currently drawn (the “Revolving Loan”), (ii) a $110.0 million senior unsecured term loan maturing in July 2028 (the “2028 Term Loan I”) and (iii) a $175.0 million senior unsecured term loan maturing in October 2028, assuming the one-year extension option is exercised (the “2028 Term Loan II” and together with the Revolving Loan and the 2028 Term Loan I, the “KeyBank Loans”). The Second Amended and Restated Credit Agreement also provides the option, subject to obtaining additional commitments from lenders and certain other customary conditions, to increase the commitments under the Revolving Credit Facility, to increase the existing term loans and/or incur new term loans by up to an additional $468.0 million in the aggregate. As of March 31, 2026, the available undrawn capacity under the Revolving Credit Facility was $248.3 million.
Debt Covenant Compliance
Pursuant to the terms of the Company’s secured debt and the KeyBank Loans, the Operating Partnership, in consolidation with the Company, is subject to certain loan compliance covenants. There have been no significant changes in the Company’s debt covenants from what was disclosed in the Company’s most recent Annual Report on Form 10-K. The Company was in compliance with all of its debt covenants as of March 31, 2026.
Future Minimum Principal Payments
The following summarizes the future scheduled principal repayments of all loans as of March 31, 2026 per the loan terms discussed above:
As of March 31, 2026
2026$— 
2027— 
2028375,610 
202960,722 
2030— 
Thereafter49,604 
Total principal485,936 
Unamortized debt premium/(discount)444 
Unamortized deferred financing costs
(11,267)
Total$475,113