NOTE 9 - NOTES PAYABLE The following table summarizes the Trust’s mortgage notes payable. | | | | | | | | | Principal Balance At | | | March 31, | | December 31, | | | 2026 | | 2025 | | | (in thousands) | Mortgage notes payable, net (a) | | $ | 532,142 | | $ | 513,947 | Mortgage notes payable, net, affiliates | | | 53,203 | | | 53,797 | Less unamortized debt issuance costs | | | 2,257 | | | 2,210 | | | $ | 583,088 | | $ | 565,534 |
| (a) | Includes $134,996 and $123,120 of variable rate mortgage debt that was swapped to a fixed rate at March 31, 2026 and December 31, 2025, 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) | 2026 (April - December) | | $ | 75,479 | 2027 | | | 80,141 | 2028 | | | 47,971 | 2029 | | | 92,323 | 2030 | | | 86,326 | Thereafter | | | 200,848 | Total payments | | $ | 583,088 |
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